Slashing OPEC Production Cuts 140 Thousand Barrels of Iran’s Oil

A0046118.jpgTEHRAN (Fars News Agency)- An Iranian Oil Ministry official said in case the proposed one-million-barrel cut in OPEC’s production ceiling is endorsed by all the member states of the Organization of Petroleum Exporting Countries, Iran will also reduce its oil production capacity by 140 thousand bpd.

Speaking to FNA’s economic desk, Javad Yarjani, director of the Oil Ministry’s OPEC Affairs and Relations with Energy Circles department, said that OPEC’s periodic president is now exchanging views with the oil ministers and officials of the member states in a bid to reach a comprehensive and integrated decision in the face of the slashing oil prices.

He said a statement will be released as soon as a final agreement has been reached by the OPEC member states.

Yarjani voiced Iran’s support for the arrangement of an OPEC emergency meeting to study possible cuts of oil production ceiling by the Organization, stating that if the member states agree to decrease their production by one million barrels per day, Iran will also follow suit and cut 140 thousand barrels of its daily production quota.

He said the proposal for the holding of an emergency meeting has received positive response by some of the member states, and reminded that the likely cut in the production capacity of the Organization of the Petroleum Exporting Countries, the growing demand in the third quarter of 2006, the approach of the cold season and some other geopolitical issues could affect the sliding prices positively and prevent any further slash of prices.

Meantime, the official said the ongoing talks between Ecuador and OPEC members would yield positive results in the coming days.

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