Iran says OPEC output cut not ruled out

(AFP) – Iran on Sunday declined to rule out that the oil cartel OPEC would cut production at its next meeting in early March, a move vehemently opposed by oil-consuming countries.

Asked whether the Organisation of Petroleum Exporting Countries (OPEC) would cut its output quota at its next meeting in Vienna on March 5, Oil Minister Gholam Hossein Nozari replied:


“We will certainly need to examine the state of the market and also the global oil reserves and then decide.”

“It is normal for OPEC to cut its production in March every year,” he told reporters on the sidelines of a ceremony in Tehran, referring to the downturn in demand following the end of winter in the northern hemisphere.

AFP