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Iran’s oil minister: OPEC will eventually cut oil production

January 19, 2015

TEHRAN, Iran (AP) — Iran’s oil minister is expressing hope that the OPEC oil cartel will begin cutting production in order to shore up plunging oil prices.

Speaking to reporters on Monday, Bijan Zanganeh predicted that OPEC and non-OPEC countries would eventually “cooperate to restore balance to the oil market.”

The 12-country group, which includes Iran, has so far refused to cut production. Most recently at a meeting in November, the OPEC members voted, over Iranian objections, to maintain current production levels.

Oil prices have lost well over half their value since late June, with benchmark U.S. crude trading below $45 a barrel. Iran is particularly vulnerable to the price drop, as it relies on oil sales for up to 60 percent of its foreign revenue.

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