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OPEC ready to cut supplies in 2013 to support oil prices

Posted on 14 December 2012

OPEC does not see increased US oil output as a threat to its interests but is skeptical about current forecasts on the boom of American shale gas production, a senior official of the 12-nation group said.
OPEC Secretary-General Abdullah Al-Badry also said figures supplied by Iran show it producing around 3.7 million barrels a day. That is the same amount as Tehran pumped before international embargos on its crude that took effect this year and had been estimated to have cost it hundreds of thousands of barrels a day in sales………………………………………..Full Article: Source

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