REUTERS
Iran's oil minister called a proposal by Saudi Arabia and Russia to freeze oil production "ridiculous" as it seeks to boost output after years of sanctions constrained sales, Bloomberg reported.
The proposal by Saudi Arabia, Russia, Venezuela and Qatar for crude oil producers to cap production at January levels puts "unrealistic demands" on Iran, Oil Minister Bijan Namdar Zanganeh said Tuesday, according to the ministry's news agency Shana, Bloomberg reports.
Crude prices fell after the comments.
"If Iran's crude oil production falls, it will be overtaken considerably by the neighboring countries," the minister said.
The three OPEC members and Russia are seeking to halt the 40% drop in oil prices over the past year resulting from a global crude glut. Iran is seeking to increase output by 1 million barrels a day this year after international sanctions on its oil industry were lifted last month.
Brent crude, a global benchmark, fell as much as $1.04 and was 91 cents lower at $33.78 a barrel at 3:43 p.m. in London, according to the report.