Oil prices will slump further if the Organisation of Petroleum Exporting Countries (Opec) repeats its mistakes of the 1990s and fails to cuts its production fast enough to cope with a glut of crude now flooding the international market, Iran’s Oil Ministry has warned. “In 1998 inadequate reaction by Opec sent oil prices to as low as $6 to $8 per barrel,” said Mehran Amirmoeini, a top energy adviser, quoted by the official Iranian Oil Ministry news service. “When the market is faced with falling demand and simultaneously rising supply, naturally some countries try to absorb customers by offering discounts.” Saudi Arabia and Iran, the two dominant forces within Opec, have both slashed their contract prices for crude shipped to Asia in the last few weeks amid a price war escalating amongst […]