OPEC member states must cut oil production to raise prices to the range of $70–80 per barrel. This was stated by Iranian Oil Minister Bijan Namdar Zanganeh, despite the fact that Tehran is preparing to increase oil production amid the easing of Western sanctions, writes Bloomberg .

With current oil prices, Zanganeh said, “nobody is happy.” “OPEC must make a decision to manage the market by reducing [oil] production,” the minister said.

At the same time, he noted that he does not expect a corresponding decision to be made at the meeting of OPEC ministers, which will take place on December 4.

its strategy for increasing oil prices at the OPEC technical meeting on October 21 Venezuela will present . Eight non-OPEC countries, including Russia, were invited to the meeting to discuss the issue. Previously, Caracas had repeatedly called on other OPEC countries to reduce oil production, but the richer member states of the organization did not agree to this.

In July 2015, Iran and the Six entered into an agreement that involves curtailing Iran's nuclear program in exchange for the lifting of Western sanctions that limited Tehran's oil exports. According to the managing director of the National Iranian Oil Company, Roknoddin Javadi, during the first week after the lifting of sanctions, Tehran can increase oil exports by 500 thousand barrels per day, and by 1 million barrels per day within six months after the lifting of restrictive measures. By March 2021, Iran plans to produce 4.7 million barrels per day, writes Bloomberg .

Iran calls on OPEC to cut oil production