Zanganeh: OPEC must reduce oil production

OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, the Iranian Oil Minister Bijan Namdar Zanganeh said. However, he does not expect that such a decision will be taken at the next meeting of the cartel on December 4.

"No one is happy with prices at current levels. OPEC should decide to manage the market by reducing the level of production," Bloomberg cited him as saying.

OPEC has exceeded its official production target for 16 consecutive months. The group seeks to defend its sales, RIA Novosti reports.