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December 14, 2008

Iran Proposes OPEC Oil Output Cut
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http://enews.voanews.com/t?ctl=210387D:A6F02AD83191E160201B23F4792D4A0630EB2FA2E66CBB22&
 
Iran's oil minster said Sunday that Tehran will push for a production
cut of 1.5 million to two million barrels of oil per day, in an attempt
to raise prices 
OPEC headquarters in Vienna, Austria (file photo)Iran will call for a
cut in OPEC's, the Organization of Petroleum Exporting Countries, oil
output during the cartel's meeting next week in Algeria. Iran's oil
minster said Sunday that Tehran will push for a production cut of 1.5
million to two million barrels of oil per day, in an attempt to raise
prices. After reaching a record high in July, oil prices have been
falling fast as the faltering global economy lowers demand for energy.
But last month members of OPEC decided to delay possible supply cuts
despite the steep drop in crude oil prices. OPEC nations produce 40
percent of the world's oil. Russia, a major non-OPEC oil producer, has
said it may coordinate a production cut to bolster prices. Some
information for this report provided by Reuters, AP and AFP.


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