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Iran calls on OPEC to cut oil production

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/10/2015 (14:40)
According to media reports, Iran’s oil minister Bijan Zanganeh has called on the Organization of Petroleum Exporting Countries (OPEC) to cut oil production to bring oil prices to around $70-$80/barrel; however, the minister does not think that the group will be convinced to curb production as the cartel is trying to defend their market share and limit competition from higher cost producers.

Previously, Bijan Zanganeh had called for the cartel to hold an emergency meeting before the organization’s next scheduled meeting, which is set to be held on December 4, to stop further declines and help stabilize prices in oil markets.

In September, oil output from OPEC declined 60,000 barrels per day (bpd) to 31.2 million bpd, according to media sources, which is still above the group’s official target of 30 million bpd.

Meanwhile, Iran’s oil production reached 2.8 million bpd in September. Iran’s Oil Minister also stated that Iran is planning to raise its oil production by 500,000 bpd as soon as sanctions are removed and by 1 million bpd within six months of the removal of sanctions in order to regain lost market share.
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