Russia Says Iran Has Right To Increase Oil Output

Reuters

LONDON, March 14 (Reuters) - Russia understands and accepts Iranian demands to allow Tehran to fully regain pre-sanctions oil output levels before joining any discussion about a global output freeze, Iranian news agency Shana quoted Russian energy minister as saying on Monday.

"Major oil producers shall coordinate with each other. However, since Iran's production decreased under sanctions, we totally understand Iran's position to increase production and revive its share in the global markets," Shana quoted Alexander Novak as saying.

"Within the framework of major oil producers (OPEC and non-OPEC), Iran is liable to have an exclusive way for increasing its oil production," Shana quoted Novak as saying following a meeting with Iranian Petroleum Minister Bijan Zanganeh.

Top non-OPEC exporter Russia and OPEC's biggest producer Saudi Arabia agreed last month to freeze oil output levels if all other major producers agreed to join. Iran remains a major obstacle to the deal as it wants to boost production volumes to regain pre-sanctions output levels.

(Reporting by Dmitry Zhdannikov. Editing by Jane Merriman)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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