Iran Oil Minister: OPEC Should Cut Production by 5%

The Organization of Petroleum Exporting Countries should cut its target daily production of oil by at least 5 percent, or approximately 1.5 million barrels, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.

Lower oil prices have caused pain for OPEC’s less wealthy producers, including Iran, but top exporter Saudi Arabia has been the driving force behind a policy of refusing to cut output, currently at 30 million barrels per day, and instead defending market share.

“We believe this amount should be cut by at least 5 percent,” Zanganeh was quoted as saying at a news conference on Tuesday by Shana, the Oil Ministry’s official news site.