Tehran asks OPEC to cut oil production

Iran has called on the Organization of Petroleum Exporting Countries to reduce production by at least 5%, Iranian Oil Minister Bijan Namdar Zangeneh said on April 14.

On November 2-14 the OPEC countries, despite falling oil prices, decided to keep the production quota at 30 million barrels a day, which caused the collapse of oil prices. A reduction of 5% to the OPEC ceiling would amount to 1.5 million barrels fewer a day, RIA Novosti reports.

In April, Saudi Arabia said it is not going to cut production, which reached a record 10.3 million barrels of oil a day.