11:26 | 09/05/2016 Global Economy
Iran said on Friday that it is ready to join an oil freeze plan that has been proposed by several key peer producers to help stabilize the market.
Iran says its oil output has reached the desirable level to join the oil freeze plan (presstv)
Mohsen Qamsari, the director for international affairs of the National Iranian Oil Company (NIOC), told reporters that Iran has already reached the desirable level of oil output to proceed with freezing its production. He emphasized the decision to join the plan should be taken by the oil minister.
The oil freeze plan that has been raised by OPEC and non-OPEC producers requires the global production of oil to remain stable. Iran had so far rejected the call to freeze its output as unfair for a country which has been lifted sanctions concerning the nuclear program. However, Iran had made it clear that it is ready to join the plan after its output reaches 4 million barrels per day./.