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Iran envisages 140,000 bpd oil output cut in line with OPEC
AFP
TEHRA
Petroleumworld.com 10 11 06
Iran will cut crude oil output by 140,000 barrels per day (bpd), if OPEC decides to reduce its production by one million bpd to bolster prices, the semi-official Fars news agency reported Wednesday.
"If all the OPEC members agree on the proposed cut of one million bpd of oil off the current ceiling, Iran's oil production will be cut by about 140,000 bpd," said Javad Yarjani, the oil ministry's head of OPEC affairs.
The cartel's current oil output ceiling stands at 28 million bpd, in which Iran, the second-largest producer, has a share of 4.11 million bpd.
Yarjani said OPEC president Edmund Daukoru "is currently conferring with the organisation's oil ministers to reach a unanimous decision to confront falling oil prices and, if any agreement is reached, it will be announced in a statement."
Oil prices have fallen from record highs above 78 dollars in July, leading to growing talk in the Organisation of Petroleum Exporting Countires about a supply cut.
New York's main contract, light sweet crude for delivery in November, dropped 46 cents to 58.06 dollars per barrel in electronic deals before the official opening of the US market on Wednesday.
It had already dropped Tuesday on scepticism about OPEC cuts materialising.
In London, Brent North Sea crude for November delivery slid 51 cents to 58.83 dollars per barrel in electronic trading.
AFP 11 0923 GMT 10 06
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