Oil Price: Iran does not want to restrict delivery – SPIEGEL ONLINE

The oil price decline makes major producing countries to provide. With a common strategy the major producers could halt the downward trend. But then it looks at the moment is not enough. Because Iran wants a newspaper report further increase oil production until the country has reached the production level of the period before the nuclear sanctions again. “To demand that Iran freeze its oil output, is illogical,” citing the Iranian daily “Shargh” an Iranian OPEC envoy.

According demanded this at the same time other oil-producing countries, which have their production ramped up since 2011 to reduce them again in order to contribute to a recovery in oil prices.

The oil producers Russia, Saudi Arabia, Qatar and Venezuela had on Tuesday agreed to freeze production at the January level. This agreement engages but only if also join other major oil-producing countries. On Wednesday, Venezuelan Oil Minister Eulogio Del Pino will therefore travel to Tehran.

Iran, however, just returned to the oil market. Recently, the Western sanctions related to Iran’s nuclear program were canceled. Accordingly profound is the need to catch up for Iran. The country had announced quickly promote one million barrels per day.

However, Iran’s return comes on the market in the middle of an oil crisis. Through the wide range oil prices slumped by around 70 percent since the mid, 2014. Among all suffer major oil-producing countries, but also Western oil companies make record losses in the billions. The low prices are seen as an attack on the relatively expensive fracking in the US to be so out of the market.

Saudi Arabia is the main producing country of the oil cartel Opec. Just as non-OPEC member Russia, the country had previously rejected a lower production to lose market share. Russia had last as much oil as sponsored for 25 years.

Dealers are now waiting for the extent to which producers can agree on a common strategy. On Wednesday, oil prices rose slightly. The North Sea Brent rose in price by 45 cents to $ 32.63 per barrel. A barrel (159 liters) of US WTI cost $ 29.33, which was 29 cents more than the previous day.

multimedia specialist for oil prices