Iran says Saudi Arabia, Russia must cut oil supply

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.”