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Iran says OPEC may decrease production

Iran says OPEC may decrease production

Iran's OPEC governor says the organization may consider another cut in oil production due to a glut in the market.
Speaking in a live TV interview Sunday, Mohammad Ali Khatibi said a reduction in production "will be considered" at the next meeting in Algiers in December _ a meeting that might even be held early if necessary.
Khatibi said if OPEC's decision Friday to cut 1.5 million barrels of production did not halt the drop in prices, more would need to be done.
Crude prices have dropped below $65 a barrel yet Iran needs prices of around $90 to balance its budget, according to International Monetary Fund estimates.


Updated : 2020-12-03 12:53 GMT+08:00