Crude Oil | Iran Signals Tough Line In Talks Among Oil Producers

Venezuelan Oil Minister Eulogio Del Pino and Iraqi Oil Minister Adel Abdel Mahdi were to travel to Tehran for talks with their Iranian counterpart Bijan Zanganeh in a bid to reach a deal to restrain output and prop up sagging prices.

Iran signaled that it would take a tough line in talks among oil producers on restraining production, saying it would continue increasing its output until it reached levels seen before international sanctions were imposed.

Crude prices sold off in volatile trade on Tuesday after a meeting between oil ministers from Saudi Arabia, Russia, Qatar and Venezuela ended with consensus to freeze output, but said the deal was contingent on other producers joining in, disappointing investors who were hoping for a coordinated supply cut.

Oil futures are down nearly 70%.

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