Iran says further OPEC output cut possible

Iranian Oil Minister Kazem Vaziri Hameneh said on Tuesday that a further oil output cut by the Organization of Petroleum Exporting Countries (OPEC) would be possible if its latest cut decision fails to boost the oil price.

"This (whether to carry out a further cut) depends on the effect of the output cut on the price of oil," Hameneh told reporters.

"A new cut will not be on the agenda if this (the latest cut decision) has an effect and the prices stabilize, or we will decide in Abuja," said the minister, referring to the next OPEC meeting scheduled to be held in the Nigerian capital on Dec. 14.

"Countries (of the OPEC) except Indonesia, which said it would not be able to carry out the cut, will put the reduction into force and we hope that this will have an effect," he added.

Members of the OPEC last month agreed to scissor the current crude oil output by 1.2 million bpd to 26.3 million bpd in order to boost the oil price.

Iran, OPEC's second largest producer, also decided to reduce its daily output by 176,000 barrels after the OPEC decision.

Source: Xinhua