Iran cuts oil production by 199,000 barrels a day

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Updated: 31/10/2008 | 07:46 PM IST

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Associated Press

Friday, October 31, 2008 (Tehran)

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Iran will cut its crude oil production by 199,000 barrels a day from November 1, the country's oil minister was quoted as saying on Friday.

The minister, Gholam Hossein Nozari, said the production decrease is in line with an OPEC decision last week to cut production by 1.5 million barrels a day in response to a sharp fall in oil prices, according to the official IRNA news agency.

Nozari said that OPEC may hold another urgent meeting if crude prices don't rebound.

Benchmark crude prices slipped below $65 a barrel Friday on the New York Mercantile Exchange, extending declines after data showed the U.S. economy contracted in the latest quarter.

Iran is OPEC's second largest oil exporter and has traditionally opposed any crude output increases by OPEC, arguing that it would cause prices to fall.

Iran produces 4.2 million barrels of oil per day. The country's recoverable oil reserves are estimated at 137 billion barrels, or 12 percent of the world's overall reserves.