Iran's Zanganeh Says OPEC May Decide on Further Oil-Output Cuts
- Finding consensus in OPEC for more cuts would be ‘difficult’
- U.S. production growth of 900,000 barrels a day eroding prices
Oil Falls Further Into a Bear Market
This article is for subscribers only.
Iran and fellow OPEC members are in talks about making further cuts in oil production, though the group would have a hard time reaching a consensus, according to the country’s top energy official.
Oil producers are struggling to shore up markets after a global supply glut led prices to fall below $50 a barrel this week. The U.S. is pumping an additional 900,000 barrels a day, Iran’s Oil Minister Bijan Namdar Zanganeh said Wednesday on state radio. The increase in American output is more than the Organization of Petroleum Exporting Countries expected and is contributing to crude’s decline, he said.