Iran slams freeze oil production levels of agreement

February 25, 2016 7:23
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Iranian Oil Minister Bijan Zanganeh

TEHRAN (AFP) - Iranian Oil Minister Bijan Zanganeh criticized the freeze on oil production agreement at January levels between Saudi Arabia and Russia, the two largest Msdrtin oil in the world, saying that it was "a joke", as quoted by the student news agency ISNA.
Zanganeh said "some neighboring countries increased its production over the past years to ten million barrels a day, and this amount is exported, and then says that calls us to freeze all of our production of oil."
"They freeze their production at ten million barrels a day, and when we Ndjemdh million barrels a day. This is a very funny joke."
In an effort to restore stability to the market suffering from a surplus in supply, said Saudi Arabia, Russia, Qatar and Venezuela Tuesday they have agreed to freeze production at its level in January, calling on other major oil-producing countries to adopt a similar move.
The announcement revived hopes for the return of stability to the market after falling to their lowest level in 13 years in the last week because of the insistence on excess supply, but he disappointed those seeking to reduce production.
And increased Iran, the second globally in terms of crude oil inventories, output after the lifting of international sanctions against it as a result of an agreement with the major powers over its nuclear program.
Zanganeh said at the time in response to the declaration of the freeze, "the field is open for discussion," but his country "will not give up" for their share of the market.