'Illogical' For Iran To Freeze Oil Production, Official Says: Reports

By MarketWatchMarketWatch Pulse

It would be "illogical" for Iran to freeze oil production just as sanctions against the country's crude exports are lifted, the country's envoy to the Organization of the Petroleum Exporting Countries said Wednesday, according to news reports. "Asking Iran to freeze its oil production level is illogical...when Iran was under sanctions, some countries raised their ouptut and they caused the drop in oil prices," the envoy, Medhi Asali, was quoted as saying in the Shargh daily newspaper,according to Reuters. The remarks come as Iranian officials prepared to meet with counterparts from Iraq, Venezuela and Qatar a day after Saudi Arabia and non-OPEC producer Russia agreed to freeze production if other major oil nations also agreed. Oil futures remained higher Wednesday, with March crude up 82 cents, or 2.8%, at $29.86 a barrel on the New York Mercantile Exchange.

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