Iran says Saudi Arabia, Russia must cut oil supply

Baku. 8 November. REPORT.AZ/ Saudi Arabia and Russia are being forced to reduce production after their plan on reversing cuts backfired, Iran’s representative to OPEC said, pegging the potential cut at more than 1 million barrels a day, Report informs citing Bloomberg.

“They have over-balanced the market,” Hossein Kazempour Ardebili said in an interview. “Saudi Arabia and Russia have increased production and prices have come down $15 a barrel.”