oil

Oil prices have fallen after Saudi Arabia ruled out proposal freezing output, as well as a rise in US crude inventories.

Brent futures fell around 1% at $32.90 a barrel, while the US crude futures were down 1.95% and traded at $31.25 per barrel.

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Iran said that it is not willing to cut production following lifting of international sanctions against it, with the Iranian Oil Minister calling the Organization of the Petroleum Exporting Countries (OPEC) members’ proposal ‘ridiculous’.

"Some of our neighbours have increased their production to ten million barrels a day… and now they have the nerve to say we should all freeze our production together."

The proposal was aimed at addressing the supply glut issue, which has pulled down oil prices by 70% since mid-2014.

Saudi Arabia oil minister Ali Al-Naimi said that freezing production would require all the major producers to reduce output.

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Non-OPEC producer Russia has tentatively agreed to the proposal and Iraq showed willingness to freeze output if others follow.

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Iranian news agency ISNA quoted its Oil Minister Bijan Namdar Zanganeh as saying: "Some of our neighbours have increased their production to ten million barrels a day… and now they have the nerve to say we should all freeze our production together."

Image: Iran said it is not willing to cut production following lifting of international sanctions against the country. Photo: courtesy of Victor Habbick/ FreeDigitalPhotos.net.