Iran offers no action in support of global oil pact

February 17, 2016 4:51 PM

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Iran offers no action in support of global oil pact

ANKARA/DUBAI Iran on Wednesday stopped short of offering to restrain oil output as part of a global pact to freeze production to prop up prices, because it wants to recapture the market share it lost during years of sanctions.

Iran's stance will complicate talks on output levels after a surprise compromise this week between two of the world's top exporters - non-OPEC Russia and the group's leader Saudi Arabia - to freeze output at January levels, near their historic highs.

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