Oil prices have decreased to the lowest level since 2009 indicating that the world oil glut will continue.
Most of OPEC member countries are sustaining their production, and the U.S stockpiles above the five- year seasonal average.
Prices have more than halved over the past 18 months, and OPEC itself sees the current oil glut persisting well into next year 2016, prompting even the wealthiest OPEC members, like Saudi Arabia, to revise some field development plans.
In such circumstances, OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar Zanganeh said. He added: “No one is happy with prices at current levels, and OPEC should decide to manage the market by reducing the level of production.” Even so, Zanganeh doesn’t expect the Organization of Petroleum Exporting Countries to decide to reduce output when its 12 member’s ministers meet in Dec. 4, 2015 in Vienna.