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Iran says OPEC may back output cut in Sept-report

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posted on Sep, 1 2008 @ 10:31 PM
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Iran says OPEC may back output cut in Sept-report


uk.reuters.com

TEHRAN, Sept 1 (Reuters) - Iran's OPEC governor said on Monday the Organisation of the Petroleum Exporting Countries could agree to cut output when it meets this month because of the recent fall in oil prices, Mehr News Agency reported.

Oil has fallen from a record level around $147 a barrel in July to around $116 a barrel on Monday.

"In view of the drop in oil prices, there is this possibility that OPEC would approve an output cut in its upcoming meeting in Vienna," Mohammad Ali Khatibi was quoted as saying, adding that oil supply exceeded demand in the market. (Reporting by Hashem Kalantari, writing by Edmund Blair; editing by Kim Coghill)
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posted on Sep, 1 2008 @ 10:31 PM
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Oil prices are too low?!?! So output must be cut? And there is a current political debate about offshore drilling?!?! I feel like I am taking crazy pills.

uk.reuters.com
(visit the link for the full news article)



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