| The “shock therapy” of a steep decline in crude prices is no solution for OPEC’s loss of market share to U.S. shale producers, Iran’s Oil Minister Bijan Namdar Zanganeh said.
U.S. crude prices tumbled 10 percent after the Organization of Petroleum Exporting Countries decided on Nov. 27 to keep its production target unchanged at 30 million barrels a day. Prices at this lower level are no guarantee of a significant reduction in U.S. shale output, Zanganeh said in an interview in Tehran on Nov. 28, after arriving from the OPEC meeting in Vienna...............................................Full Article: Source
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