Connect with us

Hi, what are you looking for?


OPEC may cut output: Iran

TEHRAN, October 19 – Iran said on Sunday that OPEC will consider an output cut of one to three million barrels per day (bpd) of oil in its upcoming meeting, the Mehr news agency reported.

"It seems that a (oil) production cut from one to three million bpd will be examined in the October 24 meeting," Iran\’s ambassador to the oil cartel, Mohammad Ali Khatibi, was quoted as saying.

"Iran is seeking a production cut to create stability in the market," he said.

The Organization of Petroleum Exporting Countries is expected to announce on October 24 that it is cutting oil output to help lift crude prices that have dived 55 percent since reaching record highs in July, as a global economic slowdown has slashed demand.

The cartel\’s official production quota stands at 28.8 million bpd.

OPEC, whose 12-member countries together pump about 40 percent of the world\’s oil, said on Thursday that it has brought foward it special ministerial meeting in Vienna to October 24 from mid-November.

British Prime Minister Gordon Brown on Friday said it is "absolutely scandalous" that oil producing countries are considering cutting production "so they can push up the price of oil."

"Currently, oil market fluctuations are very strong and producers have the right to bring stability to the market," Khatibi said.

On Thursday the price of Brent North Sea crude sank to a 17-month low point of 65.45 dollars a barrel, down from a record high of 147.50 just three months ago when supply worries had sent prices rocketing.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...