Opec should cut production by at least 5%: Iran oil minister
[DUBAI] The Organization of Petroleum Exporting Countries should cut its target daily production of oil by at least 5 per cent, or approximately 1.5 million barrels, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.
Lower oil prices have caused pain for Opec's less wealthy producers, including Iran, but top exporter Saudi Arabia has been the driving force behind a policy of refusing to cut output, currently at 30 million barrels per day, and instead defending market share.
"We believe this amount should be cut by at least 5 per cent," Mr Zanganeh was quoted as saying at a news conference on Tuesday by Shana, the Oil Ministry's official news site.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
US, Philippines eye agreement to cut China nickel dominance
Oil eases on higher US crude output, hopes of Israel-Hamas ceasefire
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months