No OPEC shift on production; industry could withstand $25-a-barrel oil
Iran sees no sign of a shift within the Organization of Petroleum Exporting Countries to support oil prices, its oil minister said, adding its oil industry could ride out a slump to $25 a barrel, Reuters reported. Iran and Venezuela have lobbied for action, but there appears to be little chance the 12-member OPEC will act to prop up prices. That makes it less likely individual OPEC countries will reduce production. In remarks posted on the Iranian oil ministry’s website SHANA, Oil Minister Bijan Zanganeh called for increased cooperation among members of OPEC.