VIENNA -- The Organization of Petroleum Exporting Countries (OPEC) should slash daily production by 2 million barrels due to the continuing decline in oil prices, Iranian Oil Minister Gholam Hossein Nozari said here Thursday.
A cut of "2 million (barrels per day) will stabilize" prices in the international oil markets, said Nozari, whose country is an OPEC member.
His remarks came the day before an emergency ministerial meeting of OPEC, which produces more than 40 percent of the world's oil.
Last Thursday, the cartel said it had brought forward an emergency meeting to Friday to discuss the impact of the global recession on oil markets.
OPEC oil prices have shown constant decline for a while along with a drop in international prices, hitting 60.82 U.S. dollars per barrel (dpb) Wednesday.
This marks a drop of over 56 percent compared to the record high of 140.73 dpb on July 3.
Faced with plummeting oil prices, some OPEC members have proposed a production cut to restore supply-demand balance on the international crudes market and prevent oil prices from falling excessively.
A cut of "2 million (barrels per day) will stabilize" prices in the international oil markets, said Nozari, whose country is an OPEC member.
His remarks came the day before an emergency ministerial meeting of OPEC, which produces more than 40 percent of the world's oil.
Last Thursday, the cartel said it had brought forward an emergency meeting to Friday to discuss the impact of the global recession on oil markets.
OPEC oil prices have shown constant decline for a while along with a drop in international prices, hitting 60.82 U.S. dollars per barrel (dpb) Wednesday.
This marks a drop of over 56 percent compared to the record high of 140.73 dpb on July 3.
Faced with plummeting oil prices, some OPEC members have proposed a production cut to restore supply-demand balance on the international crudes market and prevent oil prices from falling excessively.
