Last Saturday, the National Oil Company (NIOC) announced that Tehran intended to endorse oil freeze initiative as the country finally reached the desired level of oil output.
Earlier, the Iranian government stated that they were going to recapture their share on the market and ramp up oil production to the pre-sanction level of 4 million barrels per day. Due to this strong stand, the negotiations in Doha were torpedoed.
According to the director for international affairs of the NOIC, Mohsen Qamsari, OPEC countries’ oil output analysis indicates that Iran produces 4.2 million barrels per day. This is the number the oil minister set as a target. Thus, Tehran is ready to join the oil freeze plan.
However, the final decision is yet to be made. Mohsen Qamsari underlined that the decision to join the plan should be taken by the oil minister.
Chief Executive Officer of the National Oil Company, Rokneddin Javadi, suggested that Iran would join the oil freeze plan no so0ner than 1-2 months after the oil output and export targets are reached.
In summer 2016, Iran and the six-nation group signed a historical agreement which put restrictions on the Iranian nuclear program in exchange for lifting sanctions.
