TEHRAN, March. 04 (ISNA)-The oil minister declared Iran will support Organization of Petroleum Exporting Countries (OPEC) output reduction.

The current oil supplies available for consuming countries and the recent conditions of the oil market suggest OPEC members must decide to limit crude oil production in the 148th meeting, Gholam Hussein Nozari said.

Pressures have increased on OPEC to raise output putting more crude on the market.

As OPEC members are expected to boost oil output following the rise in crude oil price, the organization would consider current market condition and the members' view while making the final decision, the official said.

Meanwhile the OPEC president Chakib Khelil said the 13-nation cartel is shying away from boosting production because of the U.S. economic slowdown and expectations of slackening global demand for crude.

OPEC members are slated to discuss some complicated economic issues including global economy growth, oil value and maximum oil production in the upcoming meeting.

The oil ministers of OPEC members mostly back oil output drop are seemed to gather in Austrian capital Vienna tomorrow.

Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela are the thirteen members of the OPEC.
 

... Payvand News - 03/04/08 ... --