(MENAFN) Oil prices have come very close to surpassing the USD40 per barrel mark throughout last week, but quickly dropped after Iran killed all hopes in joining KSA, Russia, Qatar, and Venezuela to halt oil production.
In accordance, the oil/gas rich Islamic Republic has declared that it will not freeze production and therefore assist in alleviating the oversupply in the global market until it doubles its post-sanctions output.
Additionally, the Persian Gulf Republic has only just had its sanctions terminated and it is not looking at decreasing the amount it can produce while it is trying to restore its beaten economy with profitable oil assets.
Based on the latest data, oil production constitutes 23 percent of the Middle Eastern country's wealth; hence Iranians are going to put their own economy before the interests of the Americans and the Russians.
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