Business | Oil & Gas
Iran says Opec will 'seriously consider' output cut
Iran says Opec will 'seriously consider' and oil production cut at its next meeting in Algeria next month after November's output report.
- Agencies
- Published: 12:01 November 30, 2008
Tehran: Iran says Opec will 'seriously consider' and oil production cut at its next meeting in Algeria next month after November's output report.
Iran's Opec governor, Mohammad Ali Khatibi made the comments one day after the 12-member Organisation of the Petroleum Exporting Countries (Opec) deferred a decision on a new oil supply cut. The group's last production cut was effective from November 1.
Speaking to reporters, Khatibi said:"Opec's November output figures are not out yet. There are plans to seriously consider an output cut in Algeria."
"When the figures are out there can be a much better decision made on an output cut," Khatibi said on the sidelines of an energy conference in Tehran.
Iran has repeatedly supported a further supply reduction after crude prices tumbled by almost $100 a barrel since a peak of $147 per barrel in July.
Iran's oil minister also reiterated the position on Sunday, saying the oil market was estimated to be oversupplied by about 2 million barrels per day (bpd).
"Market assessments indicate that the market has around 2 million bpd of oversupply," Gholamhossein Nozari told reporters.
"In Algeria, we will have to make a decision to establish balance between supply and demand," he added.
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