Iranian oil minister accuses Saudi Arabia of undercutting prices

Iran’s Oil Minister Bijan Namdar Zanganeh has reportedly accused Saudi Arabia of discouraging customers from buying Iranian crude by offering lower prices.

In comments made at a meeting of incoming parliament members in Tehran on Sunday, Zanganeh was cited by state-run Tasnim News Agency as saying: “Saudi Arabia is plotting against us in the marketing field.”

He also alleged that Riyadh was offering lower prices to customers considering Iranian oil purchases.

Despite this, Zanganeh said Iran had succeeded in doubling its oil exports since the lifting of nuclear-related sanctions against the country in January, according to Tasnim.

He was quoted as saying the country aims to produce 4 million barrels of crude per day.

In further comments carried by the news agency, the official ruled out Iran’s participation in an oil production freeze by OPEC and non-OPEC members.

The proposed deal between 18 oil-exporting nations fell apart at a meeting last month after Saudi Arabia refused to halt production without the participation of Iran.

Read: Oil freeze accord proves elusive at Doha meet

Iranian president Hassan Rouhani said last week the country’s oil exports reached 2.3 million bpd.