Iran says it will support OPEC production cut: Report

Rebecca Roberts, November 14, 2008 ~ Iran says it will support OPEC production cut: Report

Iran is the number two oil producing country in the world and reported to OPEC that they will help support OPEC's production cuts for oil. On November 29th OPEC is reporting that there will be a meeting held to discuss current oil production, this meeting is to be held in Cairo.

In the month of October, OPEC produced 40$ of the world's oil and it was reported that in July 2007 prices per barrell were at $147. At the close yesturday prices per barrel were at $54.67; however, the lowest prices have been at $50.60 which is the current record reached in May 2005.

OPEC is setting up a meeting in December for Algeria to further discuss cutting their oil production by1.5 million barrels. There are further speculications that OPEC has made about oil and they have said that so long as barrel prices remains under $70 then there may be the chances to cut production even more.

http://news.yahoo.com/s/afp/20081114/wl_mideast_afp/opeciranoil