Iran to press for output cut at OPEC meet

AFP: Iran said on Saturday that OPEC should cut oil output at its emergency meeting next week amid prospects of reduced demand in the face of the global economic slowdown, the state broadcaster reported.

TEHRAN (AFP) — Iran said on Saturday that OPEC should cut oil output at its emergency meeting next week amid prospects of reduced demand in the face of the global economic slowdown, the state broadcaster reported.

"Iran's clear proposal for the OPEC emergency meeting is that crude supply should be reduced in proportion with demand," Iran's ambassador to the oil cartel, Mohammad Ali Khatibi, told the state broadcaster.

"Global demand for crude oil has fallen, so crude supply should be reduced in order to preserve balance and stability in the market," Khatibi said, describing falling oil prices as "worrying".

Iran is OPEC's second largest exporter and its economy is heavily dependent on oil and gas income.

OPEC said on Thursday that it would hold an extraordinary meeting earlier than expected next Friday — instead of in November — to discuss the global financial crisis and its impact on the oil market.

Oil prices had reached a peak of 147 dollars a barrel earlier this year but slumped below 70 dollars on Thursday for the first time in more than a year.

Prices rebounded above 71 dollars a barrel on Friday on speculation that OPEC could cut production at the emergency meeting, traders said.