Saudi freeze ‘a small step': Deputy Minister

A senior Iranian official says a Saudi and Russian initiative to tackle the oil supply glut is “a small step in the right direction.”

According to the reports, Deputy Petroleum Minister Amir Hossein Zamaninia, however, made it clear that Iran would not freeze its own output as the plan required.

Saudi Arabia, which pumped 10.2 million barrels daily last month, as well as Russia, Qatar and Venezuela proposed the freeze that would cap production at January levels.

The official said the onus was on other countries to tackle the supply glut, adding they had to cut production in order to remove excess oil from the market.

“We hope that they can get together to decrease their production," he said.

Iran is ramping up its own production to claw back market share it lost to sanctions, with Zamaninia stressing that the country will push forward with the plan.

"We do not intend to sanction ourselves again after coming out of the sanctions," he said.

SS