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Iranian Oil Minister: If price not stabilized OPEC reduces production even more

TEHRAN, Nov.7 (ISNA)-Iran's minister of oil stated that all OPEC members have promised to cooperate in reduction of oil production.

On the sidelines of the Belarusian President's leaving ceremony, Vaziri Hamane stated that all OPEC members had promised to reduce oil production.

"If this attempt is effective and the price of oil is stabilized then reduction becomes meaningless but if the price is not stabilized then we have to reduce production even more," he added.

"About 1.2 million barrels are reduced from OPEC's production level and if all the members fulfill their promises, then we can expect to witness satisfactory consequences," he stated about reduction of oil export.

"Iran and Saudi Arabia have begun reduction and it seems that excepting Indonesia who had declared that it cannot possibly reduce its oil production, all the members will fulfill their promises," he added.

Also in response to a question stated by a reporter that whether Iran had signed a gas export contract with Belarus, Hamane answered that Iran had signed letters of agreement on oil ties in every field but nothing on gas export.

... Payvand News - 11/07/06 ... --

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