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    Iran predicts staged OPEC output cuts

    AFP
    20.10.2008 - 13:11 | Son Güncelleme: 20.10.2008 - 13:11

    Iran's ambassador to OPEC said on Monday that the cartel may agree to cut oil production in stages when it meets on Friday, the official IRNA news agency reported.

    "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.

     

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