Iran Offers no Action in Support of Global Oil Pact

Iran on Wednesday stopped short of offering to restrain oil output as part of a global pact to freeze production to prop up prices, making clear it wants to recapture the market share it lost during years of sanctions.

Iran’s stance will complicate talks on output levels after a surprise compromise this week between two of the world’s top exporters – non-OPEC Russia and the group’s leader Saudi Arabia – to freeze output at January levels, near their historic highs.

The first mooted global oil pact in 15 years has so far failed to impress the market, which had expected a production cut instead of a freeze that could even turn into an increase if Iran wins special terms from fellow OPEC members.



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