Iranian state TV: OPEC cut of 1.5M barrels likely

AP: Iranian state TV is reporting that OPEC's Secretary-General says a daily oil production cut of between 1 million and 1.5 million barrels is likely in December.

The Associated Press

TEHRAN, Iran (AP) — Iranian state TV is reporting that OPEC's Secretary-General says a daily oil production cut of between 1 million and 1.5 million barrels is likely in December.

Secretary-General Abdullah El-Badri was quoted Monday on the station's Web site saying that the Organization of Petroleum Exporting Countries is facing a very difficult situation and plans to "restore oil prices to $90 per barrel."

OPEC's next official meeting is in Algeria on Dec. 17.

El-Badri is in Tehran for an energy conference.

The bloc is grappling with how to reverse plunging prices, but ended a meeting in Cairo on Saturday without announcing a cut.