Iran will call on OPEC to reduce production in case of price fall: Minister

Tehran, Jan 13, IRNA – Minister of Oil Bijan Namdar Zanganeh has said he did not expect any major change in oil price stressing if the oil price witnesses a dramatic fall then Iran will propose the OPEC to reduce production.

Referring to Iran as one of the co-founders of the Organization of Petroleum Exporting Countries, Zanganeh said the country can propose reduction of oil production as a way to deal with any possible instability in oil market.

He said he believes oil prices would not change too much over the course of current year.

The OPEC member countries have already predicted that the Organization would face no serious challenge in 2014, added the minister.

Referring to a possible increase in production of Iran's crude oil due to the removal of sanctions against the country, Zanganeh urged the OPEC to support those member countries which are determined to stand at their previous positions.