Iran says OPEC should react to declining oil prices

Members of the Organization of Petroleum Exporting Countries should take efforts to stem the decline in crude oil prices, Iran's oil minister said Friday.

Oil prices have been on a steady decline despite tensions in the oil-rich Middle East and eastern Ukraine, which resulted in sanctions pressure on global production leader Russia. Some rebounds were seen this week because of U.S. domestic supply concerns, though overall prices remained below the $100 per barrel threshold.

Iranian Oil Minister Bijan Zangeneh issued an appeal to fellow OPEC members calling for action to stem the tide of declines.

"Given the [ongoing] downward trend of the oil prices, OPEC members should make efforts to offset their production to keep the prices from further instability," he said in a statement.

OPEC members have reacted to production trends in North America, where gains from shale deposits have suppressed imports in some regional markets.

Iran, meanwhile, has lobbied for a larger role in the oil market because of progress made during multilateral nuclear negotiations. Zanganeh said any new developments on the nuclear front are unlikely to impact oil markets.

"One cannot say that this issue will necessarily result in the oil price decline," he added. "I think there is enough wisdom in the world oil market to avoid oil price instability."