Iran may be offered special terms to freeze oil output

Iran may be offered 'special' consideration under the terms of the agreement reached earlier in the day by a group of key oil producing countries to freeze their output at current levels, according to an unconfirmed report citing Reuters.

Earlier in the day Qatar, the Russian Federation, Saudi Arabia and Venezuela reached an agreement to cap their production at current levels as long as all the other main producers did the same, in what analysts understand was a veiled reference to Iran.

However, speaking on 15 February, at the weekly press conference offered by Iran's ministry of foreign affairs, spokesman Hossein Jabari-Ansari said the central Asian country was determined to recover the share of the international oil market that it had before the sanctions regime was placed on Tehran.

“As an important member country of OPEC, Iran will win back its quota in the global crude oil market,” he replied to a question made by a press officer at Iran's Petro Energy Information Network, Shana.

“It will take time but it will take place soon,” he added.

“Retaking Iran’s oil quota is a path which will be taken. Hence, ministries of foreign affairs and petroleum will make the necessary cooperation to materialize the objective,” the spokesman said.

Over the weekend, Iranian vice-president Eshtaq Jahangiri said the country's exports had already risen to 1.3m barrels per day and were seen reaching 1.5mb/d by the start of the Persian New Year on 20 March.

Tehran's target was to hit 2 mb/d early in the next Iranian New Year.

As of 12:35GMT front-month Brent crude futures were trading higher by 2.08% to $34.10 per barrel on the ICE.