The oil ministers of Iran and Venezuela expressed concern over the “instability of the oil market” amid growing calls from OPEC members for a production quota cut, state television reported. Iran’s Kazem Vaziri-Hamaneh and Venezuela’s Rafael Ramirez in telephone talks backed holding an emergency meeting of OPEC to decide a cut in the output quota of 28 million barrels per day to shore-up slumping crude prices. Full Story
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