Business | Oil & Gas

Iran to support Opec oil production cut: report

Iran would support a decision to cut oil production an a meeting in Cairo later this month, the Mehr news agency reported on Friday.

  • Agencies
  • Published: 12:31 November 14, 2008
  • Gulf News

Tehran: Iran would support a decision to cut oil production an a meeting in Cairo later this month, the Mehr news agency reported on Friday.

"In light of dwindling oil prices and instability in the market, Iran will support an oil production cut," Iranian representative Mohammad Ali Khatibi was quoted as saying.

Organisation of Petroleum Exporting Countries (Opec) is holding a meeting in November 29 to discuss recent oil prices.

Opec last month decided to cut oil output by 1.5 million barrels a day from November,
after crude oil prices dived from record peaks above $147 in July.

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