Iran is refusing to cut its oil production at the latest OPEC meeting, saying it is a “red line” for the Islamic Republic.
“It’s a red line for Iran to reduce its production, to contribute to a new cut in production. Iran hasn’t produced any more oil in the previous months and it’s not Iran’s responsibility to manage the situation,” Bijan Zanganeh, Iran’s oil minister, told CNBC’s Hadley Gamble Thursday.
“It’s the responsibility of the countries that have produced more and more and have collapsed the market with more oil and extra oil and Iran has no responsibility for this situation,” he added.
