Iran to seek OPEC oil output cut: minister

Business Materials 12 October 2008 11:23 (UTC +04:00)

Iran will ask for an oil output cut at an OPEC emergency meeting scheduled for mid-November in Vienna, Oil Minister Gholamhossein Nozari told an Iranian newspaper, Reuters reported.

"At this meeting our country's request to cut production ... will be submitted," Nozari was quoted as saying by the Poul daily.

"It seems that if OPEC does not take a major decision to confront falling oil prices, investment conditions in the oil industry would be faced with a serious danger."