Zangeneh says Iran had no role in oil market instability

Minister of Petroleum Bijan Zangeneh said Iran had no role in oil market instability, IRNA reports.

The minister said that two million barrels of oil were presently surplus to global demand which contributed in drastic fall of oil prices.

Zangeneh said they falsely imagine that by behaving so they could persuade oil producers that have had no role in this instability.

He said that by accepting oil freezing plan Iran would in practice voluntarily agree to the same sanctions which were eventually removed after years of resistance.

He went on to stress the need for further lobbying among oil producers and said Iran had no role in the present instability prevailing the oil market.