Iran says it is justified in increasing the amount of crude it pumps even though that will add to the supply glut and depress prices.
Iran’s refusal to take part in the capping of oil output doomed the Doha deal as Tehran pushes ahead with plans to increase the amount of crude it pumps.
The Iranians insist they are justified in not freezing output in order to regain their share of the oil market lost during years of economic sanctions over the country’s nuclear programme.
The oil minister said a freeze, or cut, would be like imposing sanctions on themselves.
Euronews Tehran correspondent Javad Montazeri said: “Iran has announced any expectations that the country would cut its production is illogical under the circumstances and it would not accept that. Iran plans to increase its exports to two million barrels per day. Right now it is around 800,000 barrels per day short of that target.”
Officially Iran’s total crude output is due to reach four million barrels per day by March next year.
Industry analysts expect it to be less than that and for exports to only reach two million barrels by the end of next year – but that is still enough that a global supply glut will keep prices depressed.