Iran: further OPEC output cut possible

Iran’s OPEC governor said if oil demand continued to drop the group may decide to further cut its oil output, the Iranian newspaper Hamshahri on Monday quoted him as saying.

“If the demand continues to decrease until the next OPEC meeting, further output cut is possible,” Mohammad Ali Khatibi said. The Organization of the Petroleum Exporting Countries next meets on May 28.

The International Energy Agency said on Friday that oil demand in 2009 would fall 1 million barrels per day (bpd) more than it previously forecast due to the global economic slowdown.
Reuters