OPEC won't reduce oil production, says Iranian Oil Ministry

OPEC countries are likely to decide not to change the level of oil production in the forthcoming meeting in June, Iranian Oil Minister Bijan Zanganeh said today.

"Reducing the upper limit of OPEC oil production must be agreed by all members of the cartel. Under the current circumstances the chances that OPEC will change production levels are quite small,’’ Reuters cites the Minister, RIA Novosti reports.

At the November meeting of the OPEC countries it was decided to refrain from reducing the volume of production of "black gold" to protect their markets against the backdrop of falling oil prices, which contributed to the price collapse. Iran, along with Venezuela, has repeatedly urged OPEC members to cut production of "black gold", so as in this way to provide support for low oil prices.