DHAKA: Oil prices have fallen by nearly 3% after Iran put off plans to join nations proposing a freeze on production.

Oil minister Bijan Zanganeh said Iran would only join discussions to cap output after its production reached four million barrels per day, reports the BBC.

In February, Saudi Arabia struck a deal with Russia and other Opec nations to freeze oil output at January levels.

But Iran wants production to hit pre-sanction levels before beginning talks.

At the weekend, Zanganeh said, ‘I have already announced my view regarding the oil freeze and I'm saying now that as long as we have not reached four million in production, they should leave us alone’.

‘When we reach this level of production, we can then co-operate with them.’

In its monthly oil market report published on Monday, Opec said Iran produced 3.1 million barrels per day in February, a rise of 187,000 barrels on the previous month.

Brent crude prices fell 2.7% to $39.32. Oil recently rose above $40 per barrel for the first time this year.

Prices have sunk nearly 70% since reaching a $115 a barrel in June 2014.

BDST: 1508 HRS, MAR 15, 2016
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