Iran says Opec considering production cut

Iran says Opec considering production cut
AP
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First Published: Mon, Sep 08 2008. 11 57 AM IST
Updated: Mon, Sep 08 2008. 11 57 AM IST
Vienna: Iran’s oil minister says he thinks there is too much crude on the market, adding that Opec is reviewing whether it should cut back supplies.
Gholam Hossein Nozari’s comments come a day ahead of a meeting of Opec oil ministers who will decide whether to reduce production or keep it steady.
Nozari spoke on Monday, 8 September against a backdrop of oil prices that have fallen nearly 30% from their highs of almost $150 a barrel. Iran has been the most vocal proponent of tightening Opec’s oil spigots.
Even if the ministers decide to reduce output, any cutback is expected to be relatively small, however.
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First Published: Mon, Sep 08 2008. 11 57 AM IST