Iran urges Opec to cut oil output to raise prices to $70-$80 | The National

Iran urges Opec to cut oil output to raise prices to $70-$80 | The National:

"Opec member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s oil minister Bijan Namdar Zanganeh said, even as his country prepares to ramp up production in the aftermath of economic sanctions.

“No one is happy” with prices at current levels, Mr Zanganeh told reporters in Tehran. “Opec should decide to manage the market by reducing the level of production.” Mr Zanganeh said he doesn’t expect the producer group to decide to scale back output when its ministers meet next in December.

Opec has exceeded its official production target for 16 consecutive months as the group seeks to defend sales amid a global supply glut. Brent crude, a global benchmark, has slumped 42 per cent in the past 12 months and was at $49.73 a barrel in London at 10.34am local time. Opec, supplier of about 40 per cent of the world’s oil, plans to assess output when ministers from its 12 members meet on December 4 in Vienna. "



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