BREAKING NEWS

Iran sees oil freeze pact as not enough to help market

By REUTERS

FEBRUARY 18, 2016 14:06

Iran believes a global agreement to freeze oil output will not be enough to help prop up prices as the world is producing too much crude, Iranian oil sources told Reuters.

Iranian Oil Minister Bijan Zanganeh and his counterparts from Qatar, Iraq and Venezuela held talks in Tehran on Wednesday aimed at persuading Iran to join a global pact to restrain output, agreed this week by OPEC leader Saudi Arabia and non-OPEC member Russia, the world's two largest oil exporters.

"The problem in the oil market is the glut. There is a need to do something to bring down these extra barrels. The freeze for those people that have been producing to the maximum does not help the market," one Iranian oil source familiar with discussions told Reuters.

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