Iran to lower crude production under OPEC plan

Iran will cut its crude production by 176,000 barrels per day as from Wednesday in line with a recent decision made by the Organization of Petroleum Exporting Countries (OPEC), the official IRNA news agency reported.

"As decided by OPEC in its extraordinary session held recently in Doha, Qatar, the cartel will reduce its production of crude oil by 1.2 million barrels per day as from Nov. 1," said Hojjatollah Ghanimi-Fard, head of the National Iranian Oil Company for international affairs.

"Iran's share in the cut will be 176,000 barrels," he said.

In a bid to boost oil prices, OPEC, whose 11 members together produce more than one-third of world's crude output, decided on Oct. 20 to slash its oil production by 1.2 million barrels per day as from Nov. 1.

In recent weeks, price of crude oil has dropped by about 25 percent since a mid-July high of 78.40 U.S. dollars a barrel.

Source: Xinhua