TEHRAN (FNA)- Iranian Oil Minister Gholam Hussein Nozari has revealed that the Organization of Petroleum Exporting Countries (OPEC) will seriously consider rationing its oil production.
“I think OPEC will be serious about this issue” in case of continuous decline of crude oil prices and lack of oil output control by some OPEC members which keep high level oil production, Nozari said.
“Those members who have increased their production should control it,” Nozari said, referring to the remarks made by some oil ministers of OPEC member states about the probability of reducing the production level of the oil.
“we have the responsibility to control the market and to be serious about the rations,” he said.
Crude oil prices slid last weekend, as weak economic growth data of the United States reignited concerns about slowing demand in world’s biggest energy consuming nation.
Concerns over the health of the US economy – a major buyer of global energy exports – have pushed crude oil prices down by about 25 dollars since reaching record peaks above 147 dollars on July 11.