Introduction 2-Oil climbs after welcoming efforts by Iran to freeze production levels


London, Feb. 17 (Reuters) - Crude oil prices rose more than five percent on Wednesday to jump above $ 34 a barrel after Iran expressed its support for the initiative of Russia and Saudi Arabia led to freeze production levels in order to strengthen prices.

He met Iranian Oil Minister Bijan Zanganeh with his Venezuelan and Iraqi and Qatar in Tehran at a meeting lasted more than two hours after the minister welcomed the initiative to determine the "roof" of the production, calling it a first step towards restoring stability to the market step.

Zanganeh did not explicitly mention in his remarks conveyed by the site of the Ministry of Information of Iranian oil on the Internet that Iran will keep oil production at January levels.

An Iranian official said earlier that Tehran would continue to increase its production of crude to reach the levels prior to the imposition of international sanctions.

The daily quoted the eastern newspaper about Iran's ambassador to the Organization of Petroleum Exporting Countries (OPEC) Hazel Mehdi as saying "demand that Iran freeze its production level is not logical."

Analysts said the freeze production at near-record levels that were recorded in January, will not contribute much to get rid of oversupply.

He said David Haveton analyst at Ba.vi.am "The market needs to reduce production levels, not frozen."

Brent rose $ 1.92 to $ 34.08 a barrel by 1556 GMT, while US crude rose $ 1.50 to $ 30.54 a barrel.

Under the proposal it could lead to the first global agreement 15 years ago on oil production would freeze top producers, including Saudi Arabia and Russia production at January levels. But Riyadh said on Tuesday that the agreement conditional on the cooperation of other top producers.

(Preparation Abdel Moneim Dirar Arab Bulletin - edit Ahmed Inspirational)
Introduction 1-Oil rises with the transfer of production to Iran talks

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London, Feb. 17 (Reuters) - Crude oil prices rose on Wednesday, with the transmission of efforts by Russia and Saudi Arabia led to mediate in the agreement to freeze production levels and ease the global glut to Iran, which has shown signs of adopting a tough stance.

And meet with Iranian Oil Minister Bijan Zanganeh Venezuelan and Iraqi counterparts and country today in Tehran. The Iranian official said earlier that Tehran would continue to increase its production of crude to reach the levels prior to the imposition of international sanctions.

The daily quoted the eastern newspaper about Iran's ambassador to the Organization of Petroleum Exporting Countries (OPEC) Hazel Mehdi as saying "demand that Iran freeze its production level is not logical."

Analysts said the freeze production at record levels were recorded in January, will not contribute much to get rid of oversupply.

He said David Haveton analyst at Ba.vi.am "The market needs to reduce production levels, not frozen."

Brent crude rose 92 cents to $ 33.10 a barrel by 1105 GMT, after falling to $ 1.21 at the settlement in the previous session, while US crude rose 68 cents to $ 29.72 a barrel.

Under the proposal it could lead to the first global agreement 15 years ago on oil production would freeze top producers, including Saudi Arabia and Russia production at January levels. But Riyadh said on Tuesday that the agreement conditional on the cooperation of other top producers.

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