Iran says OPEC Considering Further Oil Cuts

June 21, 2017 Share Print 0

Iranian oil minister Bijan Zanganeh said on Wednesday that OPEC members are considering further oil output cuts but should wait until the effect of the current reduced level of production is made clear.

“We are in discussions with OPEC members to prepare ourselves for a new decision,” Zanganeh said after a cabinet meeting, according to the website for the Islamic Republic of Iran Broadcasting (IRIB).

“But making decisions in this organization is very difficult because any decision will mean production cuts for the members.”

The reason for the discussion is an increase in the levels of U.S production which OPEC members had not predicted, Zanganeh said.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.