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Iran Urges OPEC to Offset Production

Source: www.gulfoilandgas.com 9/27/2014, Location: Asia

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Iran’s Petroleum Minister Bijan Namdar Zangeneh has called on OPEC countries to make joint efforts to keep oil prices from falling further.

“Given the [ongoing] downward trend of the oil prices, the OPEC members should make efforts to offset their production to keep the prices from further instability,” Zangeneh said.

The minister added that any new development in Iran’s nuclear talks with six world powers is unlikely to change the oil prices.

“One cannot say that this issue will necessarily result in the oil price decline. I think there is enough wisdom in the world oil market to avoid oil price instability,” he said.

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