Oil Drops After Iran Slams OPEC Production 'Freeze' Proposal As "Ridiculous"

Despite OPEC's El-Badri proclaiming that Iran and iraq "didn't refuse to join the production freeze," oil prices are tumbling this morning on comments from Iran's oil minister that OPEC's call for a production freeze is "ridiculous."

Proposal by Saudi Arabia, Russia, Venezuela, Qatar for oil producers to freeze output puts “unrealistic demands” on Iran, Oil Minister Bijan Namdar Zanganeh says, according to ministry’s news agency Shana.

 

*IRAN CALLS SAUDI-RUSSIAN OUTPUT FREEZE PLAN `RIDICULOUS': SHANA

As Reuters adds, "a proposal by global oil producers to coordinate a production freeze is "laughable" because it does not allow Iran to regain the market share it lost during sanctions, Iran's oil minister was quoted as saying on Tuesday. "Some of our neighbours have increased their production to 10 million barrels a day in recent years and export this amount, and now they have the nerve to say we should all freeze our production together," Bijan Zanganeh was quoted as saying by the Iranian student news agency ISNA.

"So they should freeze their production at 10 million barrels and we should freeze ours at 1 million barrels -- this is a laughable proposal," he said."

Which is precisely as we reported before.

And the result:

 

So Iran's out?

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