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Iran calls for OPEC output cut at summit
AFP
TEHRAN
Petroleumworld.com 12 11 06Iran's oil minister Tuesday called on OPEC to cut oil production to bolster the price of crude, two days ahead of the cartel's next meeting in Nigeria, according to the Shana agency.
"Like most of OPEC members, Iran does not consider oil prices lower than 60 dollars a barrel appropriate. Given the considerable oil oversupply, we will try to have a production cut," Kazem Vaziri Hamaneh was quoted as saying before heading for Abuja.
Last Monday, OPEC president and Nigerian Oil Minister Edmund Daukoru "estimated the current oversupply on the oil market at about one million barrels per day", the official Emirati WAM news agency reported.
The OPEC chief was also quoted as saying that the cartel's ministers would study all aspects of the market situation when they meet in Abuja on Thursday and "take the appropriate decision."
At its most recent meeting in Qatar in October, OPEC approved a cut in its output quota of 1.2 million barrels a day to stem falling prices, which have dropped from above 78 dollars in July.
Investors are anticipating OPEC's next move ahead of the oil cartel's meeting this week in Nigeria with expectations running high that members will agree to another round of production cuts.
At 9:45 am (0145 GMT), New York's main contract, light sweet crude for January delivery, was down one cent at 61.21 US dollars a barrel from its close of 61.22 dollars in US trade when it fell 81 cents.
Brent North Sea crude for January was 20 cents higher at 62.04 dollars.
AFP 12 0717 GMT 12 06
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