Iran Cuts Oil Production by 200,000 barrels per day, Says Minister
Azerbaijan, Baku, 31 October / Trend /Iran will cut oil production by 199,000 barrels per day in November under the agreement with the OPEC member-countries, said Golamhossein Nozari, Iranian Petroleum Minister, FARS NEWS agency reported.
"Reduction of oil production will be continued until stability is observed on the oil market," Nozari said to journalists in Teheran.
If the world oil prices go on falling, OPEC will summon emergency meeting to make a decision to cut oil production.
OPEC made a decision to cut oil production volume by 5% (1.5mln barrels per day) to 27.3mln barrels in Vienna on 24 October. According to the chairman of the cartel and Energy Minister of Algeria, Shakib Khalil, the main reasons for reduction of oil production were shortage of demand and financial situation.
The special meeting of OPEC was held to stabilize the world oil prices, which have dropped lower than $80 per barrel this month. The ideal oil price is $70-$90 per barrel.
OPEC planned meeting will be held in Algeria IN December.