Blow to oil prices: Iran has refused to freeze unless up to four million barrels per day

It quoted the Iranian Students News Agency (ISNA) on Sunday, Iranian Oil Minister Bijan Zanganeh as saying that his country will join the talks between the other producers about a possible freeze on the production of oil after it reaches its production to four million barrels per day.

The agency said Zanganeh said his country sees $ 70 a barrel a fair price for oil but they will be satisfied with less.

Asked whether the oil minister Alexander Novak has been trying to persuade Iran to join the agreement on freezing production during his visit to the country this week, Zanganeh said that Iran may join the agreement after the arrival of its production to four million barrels per day.

"We need to leave us alone as long as no Iranian crude up to four million (barrels per day). We will join them after that. "

Iran has refused to freeze its oil production from January levels estimated by secondary sources in OPEC at 2.93 million barrels per day as it would like to return to a higher level of production was achieved before the imposition of international sanctions on Tehran.

Iran is working to regain market share, especially in Europe after the lifting of international sanctions on it in January. The sanctions have led to lower exports of Iranian crude from the highest levels at 2.5 million barrels per day by 2011 to just over one million barrels per day in recent years.

Zanganeh said that it is expected that an Iranian oil exports of crude two million barrels per day in the Iranian month that ends on March 19, up from 1.75 million bpd in the previous month.