Iran Urges OPEC to Cut Oil Output to Lift Prices to $70-$80

October 19, 2015 8:46 AM

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OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar Zanganeh said.

“No one is happy” with prices at current levels, Zanganeh told reporters in Tehran. “OPEC should decide to manage the market by reducing the level of production.” Even so, Zanganeh said he doesn’t expect the Organization of Petroleum Exporting Countries to decide to reduce output when its ministers ...

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