Iran's Oil Minister Bijan Zanganeh said on Monday that he does not expect the Organization of Petroleum Exporting Countries (OPEC) to cut its oil production at its next meeting on December 04. He noted that the OPEC should lower its oil output to boost prices to a range of $70 to $80 a barrel.

Zanganeh pointed out that Iran would raise its oil production by 500,000 barrels a day after the nuclear deal is implemented.