BEIRUT (Reuters) - Iranian oil minister Bijan Zanganeh said on Wednesday that OPEC members are considering further oil output cuts but should wait until the effect of the current reduced level of production is made clear.
“We are in discussions with OPEC members to prepare ourselves for a new decision,” Zanganeh said after a cabinet meeting, according to the website for the Islamic Republic of Iran Broadcasting (IRIB).
“But making decisions in this organisation is very difficult because any decision will mean production cuts for the members.”
The reason for the discussion is an increase in the levels of U.S production which OPEC members had not predicted, Zanganeh said.
Reporting by Babak Dehghanpisheh; editing by Jason Neely