Iran General NewsIran says new OPEC output cut possible-newspaper

Iran says new OPEC output cut possible-newspaper

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ImageReuters: Iran's OPEC governor said the oil producers' grouping may decide to cut output again next month if crude prices fall further, an Iranian newspaper reported on Monday.

ImageTEHRAN, Feb 23 (Reuters) – Iran's OPEC governor said the oil producers' grouping may decide to cut output again next month if crude prices fall further, an Iranian newspaper reported on Monday.

Several members have signalled that the Organisation of the Petroleum Exporting Countries could deepen cuts when it meets next on March 15 in Vienna. Iran is OPEC's second-largest exporter.

Oil prices have plunged by more than $100 a barrel since a peak of $147 last July as the global economic downturn hit energy demand, despite a series of production cuts by OPEC.

"If prices continue to fall, it is possible that OPEC decides to cut more…in its next meeting," Iran's OPEC governor Mohammad Ali Khatibi told the Hamshahri newspaper.

"OPEC should take action to stabilise the market and the decision over a possible further cut will be in that direction," Khatibi said.

Algerian Energy and Mines Minister Chakib Khelil said on Sunday that OPEC was very likely to decide on a new production cut at its March meeting.

(Reporting by Hossein Jaseb and Parisa Hafezi; Writing by Fredrik Dahl; Editing by Keiron Henderson)

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