Iran's oil minister says more output cuts may be needed

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(VOVWORLD) - Oil producing countries may have to cut output more than the already record amount to tackle an “unprecedented” slump in prices, Iranian Oil Minister Bijan Zanganeh said on Wednesday on the ministry’s website SHANA.  

“If necessary, all producer countries, whether OPEC, non-OPEC and those countries that have not undertaken any commitments so far ... have to take more actions to overcome this international crisis,”. He said oil producer countries should respect crude production cuts aimed at stabilizing the oil market. “Calm would be gradually restored in the oil market if the output cut agreement is fully implemented ... if they want to survive, all producer countries should work together on this issue,” Zanganeh told state TV.

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