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
And the result…
So Iran’s out?
via Zero Hedge http://ift.tt/1TD1ptH Tyler Durden