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Iran says it is 'illogical' for it to join oil output freeze

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Posted: February 17th, 2016

Iran’s OPEC envoy has made it clear that Iran has no intention of limiting its oil production, despite efforts by other OPEC nations to freeze production in order to raise prices. The BBC reports that Iran wants to increase its production to 4 million barrels per day in the next three months, and that they are unlikely to follow any OPEC directives that would interfere with that plan. However, sources have indicated that Iran could receive special terms as part of the deal, which could make them more receptive. Many analysts view the production freeze deal as lacking credibility overall, and say that it is an attempt by Saudi Arabia to damage Iran’s image within OPEC.

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