MOSCOW - OPEC Secretary-General Abdullah El-Badri said on Thursday the oil producers' cartel is not planning to cut production despite the fall in crude prices over recent months and concerns about the possible addition of Iranian oil in the market.
A global oversupply in crude oil caused prices to drop recently to their lowest levels in months
"We met in December last year and we met in June this year. We decided to keep our production at 30 million barrels a day, the same as before. We are not ready to reduce our production," Badri said after a meeting in Moscow with Russia's energy minister.
Oil prices recently dropped to their lowest levels in months on the back of concerns over a global oversupply.
The fall followed a recovery in prices after a steep slump last year. Prices continued a slight rebound on Thursday following reports of a drop in US stockpiles.