IRAN won’t consider a production freeze until it reaches its pre-sanctions output of 4.2 million barrels a day, a senior energy official said yesterday.
Petroleum Ministry oil contract committee chairman Mehdi Hosseini said a freeze at anything less than that would be a continuation of the sanctions imposed on his country over its nuclear energy programme.
He said Iran’s current production is 3.2 million barrels per day and that it hopes to reach four million by April next year.
“Therefore, any other figure less than that it means another sanction against ourselves. It is something we cannot accept,” Mr Hosseini said on the margins of an oil conference in Paris.
The failure of last weekend’s meeting to yield any agreement dominated the conference’s morning sessions, with one audience member asking whether Opec had become a “zombie organisation.”
Chairman Abdallah Salem el-Badri told participants: “Opec will be around as long as there is oil in the ground.”