Sunday, October 19, 2008

Iran wants OPEC to cut oil output

Iran called on OPEC to reduce world oil production by 1 million to 3 million barrels per day in response to the sharp drop in world demand.

The financial crisis and expected economic slowdown caused oil prices to drop from nearly $150 per barrel in July to about $72 on Friday. The steep decline has hit oil-producing countries hard and a cut in output is expected.

Ghana Broadcasting Corporation

UPDATE 1-Iran wants OPEC oil output cut of 1-3 mln bpd -TV
Forbes - 56 minutes ago
TEHRAN, Oct 19 (Reuters) - 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.
Analysts: 1 million barrel OPEC cut not enough International Herald Tribune
OPEC Targets Higher Prices, Market In Flux Resource Investor