Reuters: Iran's OPEC governor said on Monday the Organisation of the Petroleum Exporting Countries could agree to cut output when it meets this month because of the recent fall in oil prices, Mehr News Agency reported.
TEHRAN, Sept 1 (Reuters) – Iran's OPEC governor said on Monday the Organisation of the Petroleum Exporting Countries could agree to cut output when it meets this month because of the recent fall in oil prices, Mehr News Agency reported.
Oil has fallen from a record level around $147 a barrel in July to around $116 a barrel on Monday.
"In view of the drop in oil prices, there is this possibility that OPEC would approve an output cut in its upcoming meeting in Vienna," Mohammad Ali Khatibi was quoted as saying, adding that oil supply exceeded demand in the market. (Reporting by Hashem Kalantari, writing by Edmund Blair; editing by Kim Coghill)
