‘Iran says it will support OPEC production cut’
Sponsored LinksNumber two oil producer in OPEC, would support a decision to cut production by the cartel at an extraordinary meeting in Cairo, the Mehr news agency reported on today.
“OPEC members have decided to hold a meeting on November 29 in Cairo to discuss recent prices. The current market situation is worrying,” it quoted Iran’s cartel’s representative Mohammad Ali Khatibi as saying.
“In light of dwindling oil prices and instability in the market, Iran will support an oil production cut,” he added.
The Organisation of Petroleum Exporting Countries (OPEC), which produces about 40 per cent of the world’s crude oil, decided last month to cut output by 1.5 million barrels a day from November, after crude oil prices dived from record peaks above USD 147 in July.
“OPEC decided to cut 1.5 million barrels from its production but it did not have much effect on the market,” Khatibi said.
“If the current trend (decrease in prices) continues, the members will cut production in order to bring back stability to the market,” he added.
Amid rumours that OPEC may move to cut output soon, Libya’s Oil Minister Shukri Ghanem yesterday told AFP that the cartel will meet in Cairo but failed short of defining the agenda.
The meeting could take place on the sidelines of a meeting of the Organisation of Arab Petroleum Exporting Countries (OAPEC) due to take place in Egypt.
Tags: Opec
Related posts:
- Venezuela to ask OPEC to reduce oil production
Venezuela will propose oil output cuts at the September meeting of the Organization of Petroleum Exporting Countries (OPEC) in case... - Venezuela to ask OPEC to reduce oil production
Venezuela will propose oil output cuts at the September meeting of the Organization of Petroleum Exporting Countries (OPEC) in case... - OPEC invests in oil production to safeguard supplies
The Organisation of Petroleum Exporting Countries (OPEC) has said that it will invest in oil production efficiency to secure global...
Comments
Leave a Reply
