Iran Sees OPEC Sticking by Oil-Output Decision Amid Price Slump - Bloomberg:
"OPEC has no immediate plan to cut its output target amid the collapse in oil prices, and Iran isn’t calling for the group to hold an emergency meeting, Iranian Oil Minister Bijan Namdar Zanganeh said.
Iran is instead consulting with its fellow OPEC members to respond to the price slump, Zanganeh told reporters today at a conference in Tehran, without providing more details. Brent crude has tumbled 31 percent since the Organization of Petroleum Exporting Countries decided on Nov. 27 to keep its production ceiling unchanged at 30 million barrels a day.
“As yet, no decision has been made to adopt a lower production ceiling,” he said. Upheaval in oil markets is the result of politics and decisions by producer countries, Zanganeh said, declining to be more specific."
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