Iran’s oil minister said Opec should cut back oil production when it meets later this weekend.

Production cartel Opec announced today it planned to curb output by more than half a million barrels as oil prices slid to their lowest levels since April.

Oil prices slid towards the $100 (€70) a barrel mark today amid signs that production cartel Opec was planning to keep supply levels steady.

Iran’s foreign minister today dismissed the threat of an attack against his country, saying that the US could not afford another conflict in the Middle East.

Iran’s oil minister warned today any attack on his country by the United States or Israel would provoke an unimaginably fierce response.