The minister made his statement in Abu Dhabi where this weekend the summit of the OPEC oil cartel was not officially underway. In addition, representatives from the main OPEC countries, Saudi Arabia, were present, as well as people from Russia. The Reuters Press Agency reported on sources that countries were discussing proposals to reduce production by 1 million barrels per day.
Oil prices have fallen sharply since early October when the highest level was reached in four years. This is partly because the permits that eight countries have received from the United States continue to buy oil from Iran after American sanctions against the country.