If the Organization of Petroleum Exporting Countries agrees to cut production by one million barrels a day, Iran’s share would be 140,000 b/d, a senior Iranian Oil Ministry official said Wednesday.
“Should OPEC members arrive at a consensus on a one million b/d cut in the production ceiling, Iran’s oil production will also drop by about 140,000 b/d” said Javad Yarjani, director of the OPEC department at the Iranian Oil Ministry, the semi-official Fars new agency quoted him as saying.
He said Iran backs the proposal to cut production and the idea of holding an emergency meeting before the next scheduled conference, December 14 in Nigeria.
Yarjani said a production cut and the start of the peak demand winter heating season would bolster falling oil prices.
Yarjani was also quoted as saying Wednesday that OPEC will have to prepare itself for a volatile oil market in 2007 as global economic growth is expected to slow from this year while output from non-OPEC producers is expected to increase.
(Dow Jones Newswires, 11/10/2006)