BREAKING NEWS

Iran oil minister says output freeze plan is 'laughable'

By REUTERS

FEBRUARY 23, 2016 17:09

DUBAI - A proposal by global oil producers to coordinate a production freeze is "laughable" because it does not allow Iran to regain the market share it lost during sanctions, Iran's oil minister was quoted as saying on Tuesday.

"Some of our neighbors have increased their production to 10 million barrels a day in recent years and export this amount, and now they have the nerve to say we should all freeze our production together," Bijan Zanganeh was quoted as saying by the Iranian student news agency ISNA.

"So they should freeze their production at 10 million barrels and we should freeze ours at 1 million barrels -- this is a laughable proposal," he said.

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