Oil Falls From Three-Month High as Iran Refuses to Join Freeze
- Iranian output surged 187,000 barrels a day in February: OPEC
- OPEC Gulf delegates say producer meeting likely in April
Oil Drops From Three-Month High
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Oil dropped from a three-month high as Iran said it would raise output to pre-sanctions levels before joining talks to freeze production.
Futures fell 3.4 percent in New York. Iran plans to raise output by about a third to 4 million barrels a day before it will consider joining any move to rebalance the market, the Iranian Students News Agency reported, citing Oil Minister Bijan Namdar Zanganeh. The Islamic republic boosted production by 187,800 barrels a day in February, the biggest monthly gain since 1997, the Organization of Petroleum Exporting Countries said in a monthly report.