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Iran to cut oil production by 199,000 bpd: Minister

Tehran, Oct 31, IRNA - Minister of Oil Gholam-Hossein Nozari said here Friday that Iran will on an OPEC decision take away 199,000 bpd of its oil production as of November 1.

"On an OPEC decision, Iran will based on a specified quota cut 199,000 barrels per day as of November 1, 2008," Nozari told reporters here on Thursday.

Nozari said, "On a decision made by OPEC members we expect all countries to lower their oil production per the declared quota." Asked how long the OPEC decision will be in effect, Nozari said, "Until we are able to meet stability in the oil market and OPEC makes a new decision on the issue, the trend will continue."

To a question on the OPEC President's proposal for another OPEC emergency meeting prior to the December extraordinary meeting, Nozari said that definitely OPEC will hold emergency meeting again if oil prices continue falling.

"That was an agreement reached among OPEC members to hold another extraordinary meeting before the December meeting in Algeria. we hope oil market will stabilize," he added.

... Payvand News - 10/31/08 ... --

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