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New OPEC output cut necessary: Iran's Oil Minister

Tehran, Dec 3, IRNA-Iran's OPEC governor, Hossein Kazempour Ardebili, said on Sunday that certain factors such as declining global economic growth and accumulation of oil reserves and its by-products indicated that the market needed a new cut in OPEC output.

Speaking to IRNA, the official said that reducing OPEC output had so far left no negative impact on world market as there is still oversupply in the market compared to the present demand.

"A fall in world economic growth, a drop in international oil demand against OPEC and International Energy Agency estimates as well as an unexpected output rise by non-OPEC oil producers which is predicted to continue in 2007 and accumulation of oil reserves and products all indicate that the oil market needs a new output cut," Ardebili stressed.

He predicted that new reduction in OPEC output would be about 500,000 to one million barrels per day.

Crude oil market will witness new developments until the upcoming OPEC ministerial meet due to be held in Nigeria on December 14, Ardebili added.

... Payvand News - 12/3/06 ... --

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