Iran informs 21 oil customers of supply cuts: report

TEHRAN (Reuters) – Iran has told 21 Asian and European customers it will reduce oil sales to them, its OPEC governor said in remarks published on Sunday, as Iran and other members of the cartel cut output to halt sliding prices.

Mohammad Ali Khatibi, Iran’s representative to the Organization of the Petroleum Exporting Countries (OPEC), said the cuts were part of the country’s total supply curbs of around 550,000 barrels per day (bpd) since September last year.

He said this was Iran’s share of OPEC cuts totaling 4.2 million bpd, including a record 2.2 million bpd from January.

“The production is reduced exactly that amount (550,000 bpd),” he said, referring to earlier statements by the head of the state National Iranian Oil Company (NIOC).

OPEC has embarked on a series of cuts in response to a global economic downturn which has hit energy demand, sending crude down by about $110 per barrel since a July peak of $147.

Reuters