Opec chief says oil cartel ‘not ready’ to cut production

Oil prices recently dropped to their lowest levels in months on concerns over global oversupply.

MOSCOW: The Organisation of the Petroleum Exporting Countries (Opec) secretary-general Abdullah El-Badri said on Thursday the oil producers’ cartel is not planning to cut production despite the fall in crude prices over recent months and concerns about the possible addition of Iranian oil in the market.