Business

SINGAPORE (APP) – Oil prices dipped in Asia on Monday after Iran said it has no plans to join the output freeze imposed by other major crude producers.

The Organization of the Petroleum Exporting Countries (OPEC), of which Iran is a member, is due to meet in Vienna on June 2 after talks in Doha involving OPEC members and other major producers such as Russia in April failed to reach a deal to cap production.

Despite a recent rebound, world crude prices are still below half their levels in June 2014 due to oversupply.

Iran only returned to the global oil market in January after the lifting of Western sanctions linked to their now abandoned nuclear program.

At about 0345 GMT, US benchmark West Texas Intermediate (WTI) for delivery in July, a new contract, was down 28 cents, or 0.58 percent, at $48.13 a barrel. Brent North Sea crude for July was down 16 cents, or 0.33 percent, at $48.56 a barrel.

Bloomberg News reported that Rokneddin Javadi, managing director of National Iranian Oil Co., told the Mehr news agency of Iran that “the government has no plans for the time being to freeze or interrupt its increase in oil output and exports based on plans that are being carried out.”