Business | Oil & Gas
Iran wants Opec oil output cut of 1-3 m bpd
Iran wants Opec to cut output by 1 million to 3 million barrels per day (bpd) because of the financial crisis and a drop in world oil demand, state TV quoted Iran's Opec governor, Mohammad Ali Khatibi, as saying on Sunday.
- Agencies
- Published: 19:16 October 19, 2008
Tehran: Iran wants Opec to cut output by 1 million to 3 million barrels per day (bpd) because of the financial crisis and a drop in world oil demand, state TV quoted Iran's Opec governor, Mohammad Ali Khatibi, as saying on Sunday.
He was speaking ahead of a meeting of the Organisation of the Petroleum Exporting Countries on Friday in Vienna, amid mounting pressure within the group for a production cut.
Oil prices have tumbled to half their July peak of $147 a barrel. They were last trading on Friday at around $72 a barrel.
"Pointing at various world financial crises and a drastic drop in world oil demand, he expressed hope that Opec member states would reduce their output by 1 to 3 million bpd to establish balance between supply and demand," the report said.
In a later broadcast, Khatibi told Iran's English-language Press TV that some Opec ministers had said demand had decreased by 3 million bpd and others had called for a cut of at least 1 million bpd, so "maybe between 1 and 3 million barrels per day there will be ... discussion."
Iranian Oil Minister Gholamhossein Nozari has renewed his call for Opec to cut production, saying this was the only way to stop crude prices falling further, the official IRNA news agency reported on Sunday.
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