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02 October 2023

Iran 'will support Opec cut'

By Agencies


Iranian Oil Minister Gholamhossein Nozari said on Tuesday he would support a cut in production by Opec when it meets this week in Vienna because the market was adequately supplied with crude.

"Because there is enough oil in the market, we believe that production should be cut," the minister told Iran's ISNA news agency a day before the Vienna meeting.

" Opec in its...meeting will decide to cut its crude oil production."

Consumers, led by top fuel burner the United States, have urged the Organization of the Petroleum Exporting Countries to produce more oil in an attempt to cool prices and to limit economic slowdown.

US crude hit a new record of $103.95 on Monday.

Ahead of Opec 's Wednesday meeting, President Chakib Khelil said he did not think raising output was an option.

Opec ministers have said prices have been driven by factors beyond their control, including a weak dollar and political tension, and not by a lack of oil.

Opec, which pumps more than a third of the world's oil, last met on February 1 when it left output unchanged. It has not agreed a formal increase since September last year. (Reuters)