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

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below