Iran Says 'Won't Relinquish' Oil Share

Iran intends to maintain its oil market share but said Tuesday "there is room for discussion" on output, announcing talks with Iraq and Venezuela within 24 hours in Tehran.

Oil Minister Bijan Zanganeh's comments avoided a specific reaction to reports that Saudi Arabia and Russia have agreed to freeze production -- on condition that other major oil states do the same.

"Fixing a production ceiling was discussed in this meeting and there's room for discussion and examination of this issue," Zanganeh said of talks taking place in Qatar.

"One must see what they mean by that. I still have no information of definite results from what was mentioned," Zanganeh said, quoted by the oil ministry's news service, Shana.

However, he added: "What is important first of all is that right now the oil market faces an output surplus and, secondly, Iran won't relinquish its share."

Zanganeh said Iraqi Oil Minister Adel Abdul-Mahdi and his Venezuelan counterpart Eulogio Del Pino would be in Tehran for talks on Wednesday.

The Saudi and Russian oil ministers, along with their Venezuelan and Qatari counterparts, "agreed to freeze the production at (the) January level provided that other major producers follow suit", Qatar's Energy Minister Mohammed bin Saleh al-Sada said earlier Tuesday.

Oil prices have tumbled about 70 percent since June 2014, hit by oversupply, sluggish demand and concerns over the global economic outlook.

The prices came under renewed pressure by Iran's return to world markets after the lifting last month of international sanctions linked to its nuclear program.