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"There is no doubt that there is an imbalance in the supply and
demand of oil. Right now, the supply in the market is greater
than demand," Zanganeh said. "It's necessary for OPEC and
non-OPEC to make all their efforts to balance the market."
Ministers from the Organization of the Petroleum Exporting
Countries are due to meet this week in Vienna to discuss new oil
output cuts to support oil prices. Saudi Arabia and other OPEC
members are seeking to win support from Russia for the output
cuts.
"Based on the recommendation of the Joint Technical Committee
and the secretariat, there must be a decrease of at least
500,000 barrels a day approximately in oil production," Zanganeh
said.
Russia will resist against a cut in production "until the last
moment", Zanganeh said.
Iran's crude oil exports were reduced by more than 80% after
U.S. President Donald Trump withdrew from a multilateral nuclear
deal with the Islamic Republic in 2018 and reimposed sanctions.
Iran is facing a coronavirus outbreak with 92 deaths and 2,922
infections.
"It has had no effect on the production of Iran's oil and we are
producing like before," SHANA reported Zanganeh as saying.
(Reporting by Babak Dehghanpisheh, editing by Louise Heavens and
Jane Merriman)
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