Headline from oil minister weighs on crude
Zanganeh says Iran won't cut oil production.
Oil is down to session lows on the headline but that isn't news. Iran has always said it won't cut production, it's a matter of where they're willing to freeze.
It's turned into silly season in the oil market because crude fell about 80-cents on this headline.
More from Zanganeh:
- Says they will leave production at levels decided in Algeria
