Oil Price Soars as Talks on Production Cuts Turn to Iran

Oil prices climbed on Wednesday, February 17, as efforts led by Russia and Saudi Arabia to broker a deal to pause production levels and ease a global glut turned to Iran.
Iranian oil minister, Bijan Zanganeh, is set to meet his counterparts from Venezuela, Iraq and Qatar at 1030 GMT in Tehran.
An Iranian official earlier said Iran would continue increasing its crude output until it reached levels seen before the imposition of international sanctions.

“Asking Iran to freeze its oil production level is illogical,” Iran’s OPEC envoy, Mehdi Asali, was quoted as saying by the Shargh newspaper.

Brent crude LCOc1 was up by 28 cents at $32.46 a barrel by 0904 GMT, after settling down to $1.21 in the previous session. U.S crude CLc1 rose by 16 cents to $29.20 a barrel.

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