Iranian's remarks raise oil prices

February 18, 2016 6:28
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Oil prices rose Wednesday February 17 after he expressed Iran's support for the efforts of Moscow and Riyadh to freeze production to address the oversupply that pushed crude prices to their lowest levels in 10 years.

And determine the settlement price for Brent to rise to $ 2.32, equivalent to 7.2 percent at $ 34.50 a barrel, while US crude was up 1.62% or 5.6% at $ 30.66 a barrel.

He met with Iranian Oil Minister Bijan Zanganeh with his counterparts from Venezuela, Iraq and Qatar in Tehran for more than two hours on Wednesday, he said that the "proposed" production ceiling should be the first step to bring stability to the market.

But Zanganeh did not mention in his remarks broadcast site belonging to the Iranian Oil Ministry of Information that Iran will freeze production at January levels in line with the proposal, which requires the participation of major producers such as Russia and Saudi Arabia.

An Iranian official said ahead of a meeting Wednesday that his country will continue to increase its oil production to levels before the imposition of sanctions in 2012. In Tehran, a major obstacle to the first joint agreement for producers inside OPEC and outside in the 15 years after he vowed to regain market share lost as a result of sanctions.

However, Zanganeh's remarks helped light a spark in the rise of a strong wave.

Source: Reuters