April 14, 2015 / 3:18 PM / in 3 years

OPEC should cut production by at least 5 percent: Iran oil minister

(Reuters) - 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, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.

A general view shows the West Qurna oilfield in southern Basra October 13, 2014. REUTERS/Essam Al-Sudani

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 percent,” Zanganeh was quoted as saying at a news conference on Tuesday by Shana, the Oil Ministry’s official news site.

Reporting By Yeganeh Torbati

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