Al Jazeera: Iran set to negotiate on oil market with Saudi Arabia
With sanctions lifted, Tehran is entering an already-glutted market as it plans to produce 500,000 barrels a day.
Iran's Oil Minister Bijan Zangeneh says his country is ready to negotiate with Saudi Arabia and other OPEC members over the dire conditions in international oil markets.
Tehran recently resumed oil exports after Western sanctions over its nuclear programme were lifted, and announced it plans to produce 500,000 barrels a day.
The move will add significant pressure on an already oversupplied market, as the Organization of the Petroleum Exporting Countries continues to refuse to cut its production.
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Update #1: Iran ready to talk with Saudi Arabia on oil market conditions: Iranian TV (CNBC/Reuters)
Update #2: Iran Ready to Discuss Problem of Low Oil Prices With Russia, Saudi Arabia (Sputnik)
WNU Editor: The Saudis are not going to negotiate with the Iranians .... especially now .... Don't hold your breath for a Saudi-led OPEC push to cut output (Paul Haavardsrud, CBC News).