Business | Oil & Gas
Iran oil minister says Opec reviewing supply cuts
Iran's oil minister on Monday said Opec is reviewing whether it should cut back supplies, adding that he believes there is too much crude on the market.
- AP
- Published: 10:02 September 8, 2008
Vienna: Iran's oil minister on Monday said Opec is reviewing whether it should cut back supplies, adding that he believes there is too much crude on the market.
Gholam Hossein Nozari's made the remarks a day ahead of a meeting of Opec oil ministers who will decide whether to reduce production or keep it steady.
"We believe the market is oversupplied," he told reporters, adding the ministers planned to make a decision on what to do about production after their review on Tuesday.
Nozari's comments come against a backdrop of oil prices that have fallen nearly 30 per cent from their highs of almost US$150 a barrel. Iran has been the most vocal proponent of tightening Opec's oil supply.
Even if the ministers decide to reduce output, any cutback is expected to be relatively small, however.
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