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30 November 2023

Opec has ‘no plans’ to further cut production: Iran


Iran’s official news agency says the Iranian Oil Ministry said Opec would not make any decision to cut production in its March meeting.

The Sunday report by IRNA quotes Iran’s Oil Minister Gholam Hossein Nozari as saying member countries of the organisation, “will make no decision for further cuts of production of their crude”.

Nozari says the countries will discuss a policy for pushing up oil prices.

The cartel decided to cut its production in December’s Algeria meeting to reverse plunging crude prices.

Oil prices have plummeted from a high near $150 in July to around $40, severely straining the Iranian economy which earns some 80 per cent of its foreign revenue from exporting oil.