Zangeneh: We Support the 'Oil Freeze' Plan, But We Will Not Sign It

Iran's Minister of Oil states that Tehran supports the oil freeze plan (production stabilization) that is set to be discussed at the Doha meeting, but it will not sign it and will not send a representative to Qatar. Bijan Zangeneh said on the evening of April 17 that Iran supports the oil production stabilization plan to increase its price, but under no circumstances can it relinquish its historical rights and share in global markets. Earlier reports indicated that Zangeneh had canceled his trip to the upcoming OPEC meeting in Doha, Qatar's capital. However, Reuters reported that a representative from Iran would attend the meeting on April 18 instead of Mr. Zangeneh. In part of his interview with state television, the Iranian oil minister also rejected the presence of a representative at the Sunday meeting. According to Shana, the oil and energy information network, he stated, 'We have concluded that the Doha meeting is for those who want to sign the oil freeze plan, and if we wanted a representative from Iran to attend this meeting, it would be to show our support for this plan. However, since Iran is not going to sign this plan, there is no necessity for an Iranian representative to be present at this meeting.' The Iranian oil minister also welcomed the 'beginning of cooperation with Russia' in OPEC. Recently published reports indicate that before the OPEC meeting, agreements were made between Saudi Arabia, the largest producer in the organization, and Russia, a non-member producer, regarding oil production stabilization 'without Iran's participation.' However, Saudi Arabia reiterated on Saturday that Riyadh would agree to stabilize oil production only if Iran also complies. Oil prices have significantly decreased in recent months and are now between $40 to $45 per barrel. Following the end of nuclear sanctions, Iran has increased its production, and Bloomberg reported on April 15 that Iran's daily oil exports have averaged over two million barrels per day in the last 14 days.