Iran predicts staged OPEC output cuts

"Different figures (for the size of cuts) are being talked about among OPEC members," Mohammad Ali Khatibi was quoted as saying, adding that suggestions range from one to three million barrels a day.

"If three million barrels are cut at one time from OPEC's production, the market will recover, but there is a possibility that this cut will occur in a number of stages and it appears that OPEC is ready to cut a million barrels per day in the first stage," he said.