He was discussing the role of the United States in the decline of prices with the OPEC member states, however, it would be hard for the member states to take collective action on such issues, Zanganeh said.
The U.S.is pumping an additional 900,000 barrels a day, Iran's Oil Minister Bijan Namdar Zanganeh said Wednesday on state radio.
Oil prices are falling further to a new seven-month low, with the worldwide benchmark for crude sliding below $46 a barrel.
Although the crude futures markets have dropped in the recent times on the back of another disappointing set of USA inventory data, we retain a cautious view on the prospects for oil markets in 2018, with Brent forecast to average $45/bbl next year, the current market developments are materially more bearish than we have expected. US West Texas Intermediate (WTI) crude futures were down 19 cents at $44.55 per barrel.
Data on Tuesday showed steady compliance on output cuts among OPEC producers but USA crude stockpiles dropped slightly more than forecast.
Digital Underground member Shock G arrested for drug possession
Aquafest's website shows that Shock G of Digital Underground was a special guest star at Naughty by Nature's June 10 performance. Digital Underground was formed in 1987 by Shock G , Jimi "Chopmaster J" Dright and Kenneth "Kenny-K" Waters.
This year, shale oil output is forecast to increase by up to 1 million barrels per day to more than five million, or nearly 10% of the country's total crude output.
"We are consulting with OPEC member states to have them prepared to make a decision", he said. So far this year, oil has lost 20 percent in value, its worst performance for the first six months of the year since 1997, Reuters reported.
According to the minister, some OPEC and non-OPEC members including Saudi Arabia and Russian Federation are optimistic about the rise in prices in the coming months.
Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production. This, he said, was way beyond what the Organization of the Petroleum Exporting Countries (OPEC) had estimated.
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