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
  • Gulf News

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.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Oil & Gas

  1. Yemen sends its first LNG shipment

  2. ABB signs deal for Abu Dhabi crude pipeline

  3. Dubai Mercantile Exchange seeks more oil producers

  4. Oil falls below $77 ahead of US data

All articles in Oil & Gas

More from Business

Gulf News
Popular in Business
Precious jump
General

Precious jump

Gold prices at new high as India's central bank buys $6.7b worth of gold

Business Editor's choice