OPEC member states should cut oil production for prices to climb to 70-80 dollars per barrel, said the Iranian oil minister, Bijan Namdar Zanganeh. “Nobody is happy with prices at current levels. OPEC should decide to control the market by reducing production,” said Zanganeh to reporters in Tehran.

Even so, Zanganeh does not expect OPEC to decide the decrease in production at the next meeting of the organization in December. OPEC produced in the last 16 months over the official target of 30 million barrels of oil per day, member states being willing to protect sales, despite the global oversupply.

Brent crude price, the reference to the London Exchange, fell by 41% in the past 12 months, and was traded on Monday at about 50.2 dollars per barrel. OPEC representatives will analyze the level of production at the meeting of December 4, in Vienna.

Iran has the capacity to increase oil exports by 500,000 barrels a day within a week after the removal of economic sanctions imposed on the country, said Javadi Roknoddin, general manager of National Iranian Oil Company. Six months after the lifting of sanctions, Iran’s oil exports could increase by 1 million barrels per day.

The Iranian government is targeting the country’s oil production to reach 4.7 million barrels per day until March 2021, and plans to produce 1 million barrels per day of oil condensate, until the respective date, showed Javadi. Iran produced 2.8 million barrels of oil per day in September, according to Bloomberg data.