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Russia Says Iran May Join Oil Freeze After Boosting Output

  • Iran's Oil Minister Zanganeh met with Russia's Novak in Tehran
  • Gulf nation aims to boost output by 1 million barrels a day
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Oil Falls as Iran Rejects Freeze

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Iran may join other oil suppliers in freezing production after restoring its own output to levels before sanctions were imposed, Russian Energy Minister Alexander Novak said after meeting with the Persian Gulf nation’s oil minister.

Iran has “reasonable arguments” not to be constrained by the freeze for now, Novak told reporters at the Russian embassy in Tehran. “Iran may join us in the freeze with time,” he said Monday. “This is a normal, constructive position from our Iranian partners.”