TEHRAN – Iranian Oil Minister Masoud Mir Kazemi announced on Saturday that OPEC will not increase oil production and that there is no need for an emergency meeting by the oil cartel.

“In the current situation there is no need for an emergency meeting of OPEC,” Mir Kazemi, who currently holds the OPEC rotating presidency, told the Mehr News Agency.
He said of the 85 million barrels of crude oil produced in the world per day OPEC only pumps 30 million barrels to the world markets