Off the wire
• COMESA develops blueprint to maximize benefits from natural resources  • Bulgarian president calls for more fatherhood  • China sets top prize for environmental protection  • Danish gov't unveils plan for healthcare improvement  • 2nd LD-Writethru: Five dead after torrential rain in central China  • Int'l community should view squarely on Myanmar's handling of "boat people" issue: Speaker  • Australian FM sends message of condolences to China over Yangtze River capsize accident  • Ukraine's foreign reserves up by 31.7 pct in January-May  • Drug gang busted in central China  • Serena Williams reaches French Open semifinals  
You are here: 　 Home

Iran urges OPEC to cut oil supplies to balance prices

Xinhua, June 3, 2015 Adjust font size:

OPEC needs to reconsider crude supplies to the market as its excessive supply has led to the drop of oil prices, Iran's Oil Minister Bijan Zangeneh told Press TV on Wednesday.

"It's very clear that we have oversupply in the market and this oversupply puts pressure on prices," Zangeneh said, adding that the issue requires "appropriate decision" by OPEC.

Zangeneh's remarks came as OPEC member states are scheduled to meet in the Austrian capital Vienna on Friday.

"It is now our responsibility to review this situation and to take an appropriate decision for balancing the market, but it depends on consensus among all OPEC members," he was quoted as saying.

Iran has criticized some oil exporting countries for flooding the market with crude products.

OPEC currently supplies 30 million barrels of crude oil per day to the global market. Iran is planning for a post-sanction period to regain its share in a market, after its oil produce has fallen by 60 percent to one million barrels a day due to western sanctions on its energy and financial sectors. Endit