Iran will not accept an oil output freeze because it would effectively mean a prolonging of sanctions, its Oil Minister said on Tuesday, insisting rival producers caused a supply-led price slide.
Iran has been pumping more crude since sanctions were lifted on January 16 under its nuclear deal with major powers, aiming to regain market share lost in recent years but adding to a global glut. Oil prices rebounded last week on hopes that major producers including the largest two, Russia and Saudi Arabia would agree at a weekend meeting in Doha to freeze output at January levels.