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Iran says OPEC will cut again if oil fails to rebound
AFP
AFP
TEHRAN
Petroleumworld.com 14 10 06
Iran's envoy to OPEC said Monday the oil cartel will cut its output quota further to bolster crude prices if its latest move to slash output has no effect on the market, the oil ministry's Shana agency reported.
"OPEC oil ministers have reached an understanding that if the 1.2 million barrels per day cut does not have an impact on the market, they will make a further cut in the output ceiling," Hossein Kazempour Ardebili was quoted as saying.
The 11-member Organisation of Petroleum Exporting Countries decided last month to slash output by 1.2 million bpd to 26.3 million bpd effective from the start of November.
However member states have expressed concern that the effects of that move have yet to materialise. Many traders have remained sceptical about OPEC's ability to implement the reduction in full.
Kazempour Ardebili did not say when the understanding was reached or when a new cut might be made. But OPEC is due to hold its next regular meeting on December 14 in the Nigerian capital Abuja.
New York's main contract, light sweet crude for delivery in December, tumbled 1.01 dollars Monday to close at 58.58 dollars a barrel.
In London, Brent North Sea crude for December delivery fell 66 cents to settle at 59.05 dollars a barrel.
AFP 13 2043 GMT 11 06
Copyright© 2006 AFP. All Rights Reserved.
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