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Iran wants OPEC output cut

Source: Press TV

Iran says OPEC should cut oil output at its emergency meeting amid prospects of reduced demand in the face of a global economic slowdown.

"Iran's clear proposal for the OPEC emergency meeting is that crude supply should be reduced in proportion with demand," Iran's representative to the Organization of Petroleum Exporting Countries (OPEC), Mohammad Ali Khatibi said on Saturday.

Khatibi stressed that global demand for crude oil has fallen, so supply should be reduced in order to preserve balance and stability in the market.

He noted that the drop in global oil demand would result in over-supply and it is the major current issue of the market.

The Iranian official warned that falling oil prices would harm both producers and consumers and all producers should try to resolve the current crisis in the oil market.

"Due to the financial crisis in the world market, all countries have mobilized their forces to overcome the problem. Nevertheless nothing has happened with respect to the current decline in world oil prices,"

OPEC said on Thursday that it would hold an extraordinary meeting earlier than expected next Friday in Vienna - instead of in November - to discuss the global financial crisis and its impact on the oil market.

Oil prices had reached a peak of 147 dollars a barrel earlier this year but slumped below 70 dollars on Thursday for the first time in more than a year.

Prices rebounded above 71 dollars a barrel on Friday on speculation that OPEC could cut production at the emergency meeting.

... Payvand News - 10/19/08 ... --

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