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Commodities Briefing - Categorized | Oil, Regulatory more

Iran says OPEC could make further cuts

Posted on 27 October 2008

From Rthk.org.hk: Iran, the number two oil producer in OPEC, says the cartel is likely to cut back further on production if the latest reduction does not stabilise crude prices.

The Organisation of Petroleum Exporting Countries, which produces 40 percent of world crude, decided Friday to reduce its production quota by 1.5 million barrels per day as of November to a level of 27.3 million bpd. Despite the announcement, the price of Brent North Sea crude sank to $US61, the lowest point for 17 months….. Full Article: Source


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