TEHRAN (Fars News Agency)- Iran’s Oil Minister has not ruled out a further output cut by the OPEC oil cartel to boost crude prices if its latest cut agreed last month has no effect.
Asked if a new OPEC production cut was necessary, Iranian Oil Minister Kazem Vaziri Hameneh told reporters Tuesday, “This depends on the effects of the output cut on the price of oil.”
“If this has an effect and the prices stabilize a new cut will not be on the agenda. But otherwise we will decide in Abuja” the Nigerian capital where OPEC is holding its next scheduled meeting on December 14.
“With the exception of Indonesia, which said it would not be able to apply the cut, the other countries will put the cut into force and we hope that this will have an effect.”
The 11-member Organization of Petroleum Exporting Countries decided last month to slash output by 1.2 mln bpd to 26.3 mln bpd effective from the start of November to counter slumping crude prices.
Iran is OPEC’s second largest producer after Saudi Arabia and has already announced it is reducing its output by 176,000 barrels after the OPEC decision.