Oil prices dipped in Asia Monday after Iran said it has no plans to join any output freeze by other major crude producers.
The Organisation of the Petroleum Exporting Countries (OPEC), of which Iran is a member, is due to meet in Vienna on June 2 after talks in Doha involving OPEC members and other major producers such as Russia in April failed to reach a deal to cap production.
Despite a recent rebound, world crude prices are still below half their levels in June 2014 due to oversupply.
Iran only returned to the world oil markets in January after the lifting of nuclear-linked Western sanctions.
At about 0345 GMT, US benchmark West Texas Intermediate (WTI) for delivery in July, a new contract, was down 28 cents, or 0.58 per cent, at $48.13 a barrel. Brent North Sea crude for July was down 16 cents, or 0.33 per cent, at $48.56.
Bloomberg News reported that National Iranian Oil Co. Managing Director Rokneddin Javadi told the Mehr news agency of Iran that “the government has no plans for the time being to freeze or interrupt its increase in oil output and exports based on plans that are being carried out.”
“In the current context, the Oil Ministry and the government have issued no policy or programme to halt the increase in production and exports and so, the country’s plans to increase crude output continue,” he added.
