Iran has said it will not give up its share of the global oil market after a meeting of oil minister agreed to freeze output at January levels provided other producers did so too.
The country’s oil minister made the comments after minister from Saudi Arabia, Russia and Venezuela and Qatar held a meeting in Doha.
Bijan Zanganeh was quoted as saying: “What is important is that first, the market is facing a surplus, and second, that Iran will not overlook its share.”
Iran has been increasing oil exports since last month as it looks to win back the market share it lost during the sanctions era.
Zanganeh also confirmed that his Venezuelan and Iraqi counterparts would visit Tehran on Wednesday to hold a trilateral meeting.
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