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Iran on Oil Freeze: ‘Leave Us Alone’ Until Production Higher

Bloomberg: Iran plans to boost crude output to 4 million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global oil market.

“They should leave us alone” until then, Oil Minister Bijan Zanganeh said, according to the Iranian Students News Agency. “After that we will work with them.”

Saudi Arabia, Russia, Venezuela and Qatar proposed an accord to freeze oil output and tackle a global surplus. Oil extended gains after their initial meeting on Feb. 16, and has climbed more than 40 percent since the 12-year low in January. Oil at $70 a barrel is “suitable,” ISNA cited Zanganeh saying.