UPDATE: Source: Iran agrees to freeze oil production

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TEHRAN, Feb 17 (PRIME) -- Iran has agreed to freeze its oil production, a source close to negotiations of energy ministers of Venezuela, Iran, Iraq and Qatar told PRIME on Wednesday.

“Iran has agreed with the proposal. Ministers have announced the decision from the meeting in Doha, Iran welcomed it,” the source said.

On Tuesday, Russia, Saudi Arabia, Qatar and Venezuela agreed to keep oil output at January levels on average in 2016, if other producers join the initiative.

Earlier on Wednesday Shargh daily newspaper reported citing Iran’s OPEC envoy, Mehdi Asali, that Iran will not limit its oil output.

On Wednesday, Oil and Mining Minister of Venezuela Eulogio Del Pino started negotiations with Iran, Iraq and Qatar in Tehran, trying to convince Iran and Iraq to join the upcoming pact between OPEC countries and large non-OPEC oil makers on oil production restrictions.

Bloomberg reported citing United Arab Emirates’ Oil Minister Suhail Al Mazrouei that the country is also interested in cooperation with other oil producers and stabilization of the oil market.

The United Arab Emirates is open to cooperate with all producers “toward mutual interest of the market stability,” the minister said on its Twitter account.

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