IRAN TO SUPPORT OPEC PRODUCTION CUT

Iran, number two oil producer in OPEC, would support a decision to cut production by the cartel at an extraordinary meeting set for Cairo later this month,

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Iran, number two oil producer in OPEC, would support a decision to cut production by the cartel at an extraordinary meeting set for Cairo later this month, the Mehr news agency reported. “OPEC members have decided to hold a meeting on November 29 in Cairo to discuss recent prices. The Organisation of Petroleum Exporting Countries (OPEC), which produces about 40 per cent of the world’s crude oil, decided last month to cut output by 1.5 million barrels a day from November, after crude oil prices dived from record peaks above 147 dollars in July. OPEC has already scheduled an ordinary meeting for Oran, Algeria, on December 17 to review the 1.5 million barrels cut. The cartel has made it clear it would consider another output reduction if oil continues to remain below 70 dollars a barrel.