Economics
Iran Backs Oil Producer Freeze Without Pledging Supply Curbs
- Saudi-Russia pact contingent on other major producers joining
- Iran Minister doesn't say if nation will keep boosting output
Iran Supports Output Freeze Without Pledging Curbs
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Iran supported an accord by Saudi Arabia and Russia to steady global oil markets by capping their supply, without saying whether it would curb its own production.
Iran backs any measures to stabilize markets including the output freeze agreed by the world’s two largest crude producers Tuesday, Oil Minister Bijan Namdar Zanganeh said after talks with fellow OPEC members Qatar, Iraq and Venezuela Wednesday, according to a report from Oil Ministry news service Shana. While Russia and Saudi Arabia said the deal hinges on cooperation from other major producers, Zanganeh didn’t comment on whether he would deviate from plans to boost production after international sanctions were removed last month.