The Iranian Oil Minister Bijan Zanganeh was quoted on Tuesday saying that the Organization of Petroleum Exporting Countries should cut its target daily production of oil by at least 5 percent, or approximately 1.5 million barrels
OPEC’s less wealthy producers have suffered due to lower oil prices. This includes 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.
The material has been provided by InstaForex Company – www.instaforex.com