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2022-07-31
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Russia hopes to reach a global oil production freeze agreement in April and agrees that Iran should be excluded

Russia hopes to reach a global oil production freeze agreement in April and agrees that Iran should be excluded

march 15, 2016

[China paint information] after concluding the talks in Tehran on Monday (March 14), Russian energy Minister Alexander Novak said that a global agreement on freezing oil production may be signed in April, But Iran should be excluded, which has the right to increase production after years of sanctions

on Monday, the international oil price fell by about 3%. Therefore, Iran said that it would not participate in the production freeze negotiation until its oil production reached 4million barrels/day. Therefore, the hope of reaching a global agreement on stabilizing production soon was dashed

the world's four major oil producing countries (Russia, Saudi Arabia, Qatar and Venezuela) met in Doha last month and said that they were ready to maintain their production at the level of January, provided that other oil producing countries did the same

Novak said that it was expected that a final agreement on freezing production to support oil prices could be reached in April, probably in Doha. At the same time, the agreement may exclude Iran because it hopes to resume production after the lifting of international sanctions

Novak said after a meeting with Iranian oil minister Bijan zangane (who can contact our staff h), "we also agree with this view that Iran is in a special situation. Previous sanctions have severely hit Iran's production."

the outside world thinks that Russia and Iran have friendly relations. The Russian government has firmly supported the lifting of international sanctions against Iran's nuclear program. These sanctions were actually lifted in January, paving the way for Iran to increase crude oil production, but also adding uncertainty to the already tense oil market

Iran's current crude oil production is about 3.1 million barrels per day. Affected by the sanctions, Iran's crude oil in recent years increased by 1. 5% In terms of the export volume beside the operation, 7. The market capacity analysis dropped from the high of 2.5 million barrels per day before 2011 to slightly higher than 1million barrels per day

Nowak pointed out, "generally speaking, Iran agrees with the need for cooperation among oil exporting countries, including a possible production freeze. However, Iran's position is that they must restore production before they are ready to join the freeze."

Nowak also added that the oil market is more balanced at present, but he called for a strong "stable production agreement since this year, otherwise the market will face more uncertainty, which will lead to more fluctuations.

he predicted that by the end of this year, the oil price is expected to be between US dollars per barrel, and the current oil price is slightly lower than US $40 per barrel

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