Iran Rejects Oil Production Reduction

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Iran rejected appeals Wednesday from other oil-producing states to curb its oil exports to try to end the plunge in world crude oil prices, instead saying it intends to increase production.

Iran's envoy to the Organization of the Petroleum Exporting Countries, Mahdi Asali, said Tehran intends to step up exports until they reach the level it had before international economic sanctions were imposed on it in an effort to force Iran to agree to a ban on its suspected development of nuclear weaponry.

As the Iran nuclear agreement took effect last month, the sanctions were lifted and Iran says that within the next six to 12 months it intends to send another million barrels of oil a day onto the world market. That would add to the glut that has pushed prices down from $115 a barrel in mid-2014 to the current $30 range.