Opec’s no-cut strategy is not working, says Iran

Zanganeh says it is up to other Opec members to make way for any extra Iranian crude that reaches world markets if Western sanctions on Tehran are lifted. — AFP

BEIJING: Opec’s strategy of holding output steady is not working and the group’s members should discuss production levels before its next meeting in June, Iran’s oil minister said, a sign of the pain lower prices are causing the cartel’s less wealthy producers.

However, Bijan Zanganeh also told Reuters that it was up to other members of the Organisation of Petroleum Exporting Countries (Opec) to make way for any extra Iranian crude that reaches world markets if Western sanctions on Tehran are lifted.