Opec has ‘no plans’ to further cut production: Iran
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.
Follow Emirates 24|7 on Google News.