TEHRAN -- Iranian Oil Minister Gholamhossein Nozari on Tuesday voiced the country's support for an oil production cut of the Organization of Petroleum Exporting Countries (OPEC) by at least 2 million barrels a day (bpd).
Given 8 to 10 percent decrease in demand and the oil stockpile, "I think a decrease of between two and 2.5 million barrels a day can bring a stability to the market," local Press TV quoted Nozarias saying.
OPEC, which produces more than 40 percent oil in the world, said on Thursday that it had brought forward an emergency meeting next Friday to discuss the impact of global recession on oil markets.
Nozari said that Iran favors an OPEC oil cut by at least 2 million bpd as the current oil price is still very low.
The era of cheap oil "is finished," he said, adding "given inflation and the market circumstances, 150 U.S. dollars per barrel is possible."
Earlier on Monday, Iran's representative to OPEC Seied Mohammad Ali Khatibi said that OPEC is expected to cut its oil output, which "is more likely to be in stages."
According to Khatibi, "there are different suggestions on different figures of cut among the (OPEC) members and they range from one to three million barrels a day."
However, "OPEC seems to be ready to cut the output a million barrels per day in the first stage," the official IRNA news agency quoted Khatibi as saying.
Oil price once reached a record high of 147 U.S. dollars per barrel in July, but fell to less than 80 U.S. dollars per barrel last week as the weakening global economy and turmoil in the credit markets have clouded the outlook for world oil consumption.
On Friday, the New York Mercantile Exchange oil even fell by 8.89 dollars to close at 77.70 dollars per barrel, its lowest price since Sept. 10, 2007.
Given 8 to 10 percent decrease in demand and the oil stockpile, "I think a decrease of between two and 2.5 million barrels a day can bring a stability to the market," local Press TV quoted Nozarias saying.
OPEC, which produces more than 40 percent oil in the world, said on Thursday that it had brought forward an emergency meeting next Friday to discuss the impact of global recession on oil markets.
Nozari said that Iran favors an OPEC oil cut by at least 2 million bpd as the current oil price is still very low.
The era of cheap oil "is finished," he said, adding "given inflation and the market circumstances, 150 U.S. dollars per barrel is possible."
Earlier on Monday, Iran's representative to OPEC Seied Mohammad Ali Khatibi said that OPEC is expected to cut its oil output, which "is more likely to be in stages."
According to Khatibi, "there are different suggestions on different figures of cut among the (OPEC) members and they range from one to three million barrels a day."
However, "OPEC seems to be ready to cut the output a million barrels per day in the first stage," the official IRNA news agency quoted Khatibi as saying.
Oil price once reached a record high of 147 U.S. dollars per barrel in July, but fell to less than 80 U.S. dollars per barrel last week as the weakening global economy and turmoil in the credit markets have clouded the outlook for world oil consumption.
On Friday, the New York Mercantile Exchange oil even fell by 8.89 dollars to close at 77.70 dollars per barrel, its lowest price since Sept. 10, 2007.
