Iran says it will support OPEC production cut

Updated Saturday, November 15, 2008 11:53 am TWN, AFP

Iran says it will support OPEC production cut

TEHRAN -- Iran, number two oil producer in OPEC, would support a decision to cut production by the cartel at an extraordinary meeting set for Cairo later this month, the Mehr news agency reported on Friday.

“OPEC members have decided to hold a meeting on November 29 in Cairo to discuss recent prices. The current market situation is worrying,” it quoted Iran’s cartel’s representative Mohammad Ali Khatibi as saying.

“In light of dwindling oil prices and instability in the market, Iran will support an oil production cut,” he added.

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