Published: Apr 15, 2015 at 6:50 am EST Iranian Oil Minister...

Published: Apr 15, 2015 at 6:50 am EST

Iranian Oil Minister Bijan Namdar Zangeneh said in a statement on Tuesday that the Organization of Petroleum Exporting Countries (OPEC) should cut its crude oil production by around 5% before the organization meets in June. Mr. Zangeneh said that there was a need to support the falling crude oil prices......

...... The decision from OPEC in November last year was a result of its efforts to retain its market share in the global market. However, OPEC is known to exceed its self-imposed production ceiling, which adds to the supply glut. According to estimates from the International Energy Agency (IEA), OPEC collectively pumped out around 31.02 million barrels per day during March this year.

The decision from OPEC was opposed by member countries like Iran, Iraq, and Venezuela. The latest opposition from Iran’s Oil Minister points toward an interesting meet when the 12 OPEC members meet in Venezuela in June this year......

http://www.bidnessetc.com/39837-iran-calls-for-5-production-cut-by-opec-crude-oil-prices-trade-up/