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Iran wants OPEC output cut


AFP
TEHRAN
Petroleumworld.com 01 16 06

OPEC's second biggest producer Iran wants the oil cartel to cut its output ceiling in the first quarter of 2006, the Islamic republic's OPEC representative said Sunday.

"Current conditions dictate that OPEC members, in looking at reserves and the fall in demand in recent months... apply a progressive reduction in their production during the first quarter," Hossein Kazempour Ardebili told the oil ministry's official news agency, Shana.

OPEC's production ceiling currently stands at 28 million bpd. At its last meeting in Kuwait on December 12, the cartel decided not to renew an offer of two million bpd in emergency additional output.

The grouping will next meet on January 31.

On December 28, Oil Minister Kazem Vaziri-Hamaneh told the Shargh newspaper that he wanted to see the grouping decide on a quota cut of one million barrels per day (bpd) at the meeting.

AFP 01 15 06

Copyright © 2006 AFP. All rights reserved


 

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