OPEC member states should self-regulate so Iran’s expected return to the oil stage won’t hurt markets, Iran’s oil minister said Tuesday from Tehran. Iranian Oil Minister Bijan Zangeneh said members of the Organization of Petroleum Exporting Countries should cut output in an effort to stimulate oil prices. “Even the most conservative OPEC member states do not believe that OPEC production should exceed 30 million barrels per day and we believe that this amount should be cut by at least 5 percent,” he said. A November decision by OPEC to keep output steady at 30 million bpd added downward pressure to crude oil trading in an over-supplied market. Crude oil prices are down about 50 percent from their […]