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Iran sees OPEC consensus on oil output cut
Reuters | 11/11/01

Posted on 11/10/2001 10:29:13 PM PST by kattracks

TEHRAN, Nov 11 (Reuters) - Iran's oil minister said in remarks broadcast on Sunday that all members of the Organisation of the Petroleum Exporting Countries (OPEC) had agreed on the need to cut oil supplies to create a balance in the market.

"OPEC members all agreed that for creating a balance in the oil market, there is no other way than decreasing supply," Bijan Zanganeh told Iran's state radio. He gave no exact figures.

OPEC powerhouse Saudi Arabia says there are no objections within the cartel to reducing output by 1.5 million barrels per day to shore up world oil prices.

OPEC is due to hold a meeting in Vienna on Wednesday to discuss the widely expected production cut.

((Gulf newsroom, +971 4 391 8301, fax +971 4 391 8335, dubai.newsroom@reuters.com))

© Reuters Limited.


TOPICS: Front Page News; News/Current Events
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1 posted on 11/10/2001 10:29:13 PM PST by kattracks
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To: kattracks
Fine, Russia is ready to pick up the slack.

You don't think Putin and Bush were discussing baseball last month, do you?

2 posted on 11/11/2001 12:33:02 AM PST by struwwelpeter
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To: struwwelpeter
Wrong...Russia already expressed support for OPEC's cuts. News of that support is what pushed the price up late last week.
3 posted on 11/11/2001 2:54:23 AM PST by cayman99
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To: struwwelpeter
NEW YORK, Nov 9 (Reuters) - Crude oil prices soared on Friday as Russia backed OPEC's planned oil output cut,
4 posted on 11/11/2001 3:03:11 AM PST by cayman99
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To: cayman99; Askel5; Jackie222

Bush Putin and CHEAP OIL!

I guess this comes under the heading of "Neener, neener, neener."

5 posted on 11/16/2001 1:22:44 PM PST by struwwelpeter
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To: struwwelpeter
I have a big Buick that would love cheaper prices!
6 posted on 11/16/2001 1:22:55 PM PST by Jackie222
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