OPEC needs to further reduce production
Iran believes the Organisation of Petroleum Exporting Countries cartel should further slash output in the face of falling crude oil prices, a newspaper reported today. "OPEC decided to cut production by 1.5 million barrels (a day) in October, but it could not stop oil prices from falling," Iran's OPEC envoy Mohammad Ali Khatbi was quoted a saying by the Resalat daily. "So it appears that OPEC needs to further reduce production to prevent this trend," Khatibi said.
Iran is the second largest exporter in OPEC, which produces about 40 percent of the world's crude, and its economy is heavily dependent on oil revenues.
The cartel is scheduled to hold an extraordinary meeting on November 29 in Egypt amid speculation that member nations will agree to cut output again in a bid to boost plunging oil prices.
Prices are now far off July's record highs of above 147 dollars, with New York's main futures contract, light sweet crude for January delivery, at 50.56 dollars a barrel in early trading on Monday.