Government & Regulatory | General News
Iran Rejects Oil Freeze; Plans to Boost Output to 4.0 MMBO/d
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Despite a number of OPEC nations agreeing to freeze oil output at January 2016 levels, Iran announced that it does not plan to follow suit, according to reports.
Instead, the country plans to boost its oil output rate to 4.0 MMBO/d by June 2016 (an increase of approximately 1.0 MMBO/d from previous levels).
Iran's oil minister Bijan Zanganeh announced that "as long as [Iran] has not reached four million [barrels of oil per day] in production, they should leave us alone."
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