
© Caren Firouz / Reuters
An engineer speaks on his radio at the Phase 4 and Phase 5 gas refineries in Assalouyeh, 1,000 km (621 miles) south of Tehran
As things stand today, Iran has no interest in participating in a production freeze agreement led by Russia and Saudi Arabia, Reuters reports. This threatens to delay the meeting of the world's biggest crude producers scheduled for March 20 in Moscow. Last week, Nigeria's Oil Minister Emmanuel Kachikwu said the meeting would take place in the Russian capital. The meeting is seen as a key step to freezing output at January levels, as agreed by the world's two biggest oil producers Russia and Saudi Arabia and later joined by OPEC members Venezuela and Qatar.
Russian Energy Minister Aleksandr Novak said the day and place of the meeting are yet to be set, as it could take place on any day from March 20 to April 1 in a Russian city, Doha or Vienna. At present Iran says it doesn't want to be included in the deal, as it wants to return to pre-sanctions crude output levels, according to
Reuters sources in OPEC. Kuwait reportedly announced it would join the pact only if every OPEC member, including Iran, is joining.
Comment: Russia, Saudi Arabia, and the United States each produce between 8-10 million bpd. Given the over four-decades long sanctions that were unjustly imposed upon Iran, their request for a freeze based on 4 million bpd is entirely reasonable.