Iran's oil minister will not join an Iranian delegation at a meeting this weekend of major crude producers aimed at negotiating a production freeze, the oil ministry said today.
In a statement carried by the Shana news agency, the ministry said Bijan Zanganeh would skip the talks in Doha.
"Iran already announced it cannot join the plan to stabilise oil prices" while its output is still below pre-sanction levels, the ministry added.
It said Iran's OPEC representative would attend the meeting instead.
Tehran is expected to seek a waiver as it increases output after the lifting of nuclear-related Western sanctions.
OPEC kingpin and regional rival Saudi Arabia has vowed not to join an output freeze unless Iran does the same.
Oil prices, which hit a 13-year low earlier this year, have rebounded sharply in recent weeks partly on expectation that a deal between OPEC and non-OPEC producers in Qatar could help to reduce a global crude supply glut.
OPEC said earlier this week that Iranian oil production in March was 3.3 million barrels per day (bpd), up from 2.9 million in January, but still short of its pre-embargo level of around 4 million.
"Iran supports efforts to stabilise the market and support prices," oil ministry spokesman Akbar Nematollahi was quoted as saying.
"Iran's representative will go to Doha to explain the position of Iran and revive efforts to improve the market situation," he added.
Meanwhile, oil prices rose today after the International Energy Agency (IEA) said it saw the crude supply glut easing by year's end, but trading was cautious ahead of that crunch producers' summit.
The IEA report said the oil surplus would fall to 200,000 barrels per day in the second half of this year from 1.5 million bpd in the first six months.
However, the Paris-based agency said any decision by oil producers to freeze output would have "limited" impact compared to trimming production, which would have a more permanent effect in boosting prices.
Trading sentiment was also hit by a report on Wednesday showing a sharper-than-expected rise in US commercial crude inventories, indicating softer demand in the world's top oil consumer.
US benchmark West Texas Intermediate for delivery in May was up 19 cents at $41.69 and Brent crude for June was trading 16 cents higher at $44.00 a barrel.
