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Analyst: Iran refused to freeze production and will stick to their line

Аналитик: Иран отказался от заморозки добычи и будет гнуть свою линию

Iran refused to freeze oil production at the January level and will continue in this issue “bending the line”. This opinion was expressed head of the analytical Department of the company “ANALYST Online” Gleb market pulse.

He recalled that “yesterday’s negotiations (chapters of the Ministry of energy of the Russian Federation) Alexander Novak with Iranian counterpart Bijan Zanganeh passed, we can say, to no avail.” “Agree to freeze production with Tehran failed. Iran’s position is perfectly understandable. With the Islamic Republic only a few months ago, lifted the sanctions, which restricted access to the world market. The country is just beginning to increase production. The goal is to increase the volume to the level it was prior to the introduction of constraints (4 million barrels per day — ed.). Yesterday’s negotiations showed that Iran will continue to stick to their line,” — said in comments the expert.

According to him, on this background, the world prices for “black gold” are reduced, and the Russian national currency is weakening.

As notes “Interfax”, may futures for Brent crude on London’s ICE Futures exchange by 14:18 GMT dropped by 2.53% to $38,53 per barrel. Quotes of WTI oil futures for April in electronic trading on the new York Mercantile exchange (NYMEX) to a specified time fell 2.5% to $36,25 per barrel.

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