Oil prices fall, as Iran refuses to cap production

Oil prices on Tuesday fell by nearly three per cent, after Iran put off plans to join other nations proposing a freeze on production.
Bijan Zanganeh, Iran's Oil Minister, said his country will only join discussions to cap output after its production reaches four million barrels per day.
Last month, Saudi Arabia struck a deal with Russia and other Opec nations to freeze oil output at January levels.
Iran wants its production to hit pre-sanction levels before beginning talks.     

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.

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