Iran says OPEC has no plans to cut production

The Sunday report by IRNA quotes Iran's Oil Minister Gholam Hossein Nozari as saying member countries of the organization, “will make no decision for further cuts of production of their crude.” Nozari says the countries will discuss a policy for pushing up oil prices. The cartel decided to cut its production in December's Algeria meeting to reverse plunging crude prices.

Oil prices have plummeted from a high near US$150 in July to around US$40 — severely straining the Iranian economy which earn some 80 percent of its foreign revenue from exporting oil.

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