© Reuters
In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market in the Qatari capital of Doha and agreed to freeze oil production at its January levels if other countries followed the suit. Iran did not take part in the meeting.
"Until the oil output reaches four million barrels per day, they should not work with us in this regard, we will cooperate only after this," Zangeneh said, as quoted by the Iranian ISNA news agency.
In mid-January, the sanctions imposed on Tehran were removed after the International Atomic Energy Agency verified Tehran's compliance with the nuclear agreement reached between Iran and six international mediators. The move makes it possible for Iran to become an active player on the global oil market. According to the Organization of the Petroleum Exporting Countries (OPEC), Tehran is currently producing about 3.1 million barrels per day.
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So, who's gonna build all the new storage for this new oil? With a declining global economy, what else can be done with it? It reminds me of how some farmers are paid to not farm their land, rather to let it go fallow for a few years...