Iran insists non-OPEC producers match OPEC oil cutback
Iran said Tuesday, November 13 that OPEC oil producers expected rivals outside the club to match them, cutback for cutback, in efforts to stabilize the oil market.
Arriving here for a meeting at which the Organization of Petroleum Exporting Countries (OPEC) is expected to slash output, Iranian Oil Minister Bijan Namdar Zangeneh indicated that OPEC should not trim production unless non-OPEC countries followed suit.
"I believe every new reduction from OPEC should be subject to non-OPEC contribution," Zangeneh told reporters. "We expect them to contribute with us seriously."
OPEC energy chiefs have said that the organization should squeeze output by 1-1.5 million barrels a day to help shore up sagging crude prices. But they are also insisting that rival producers such as Norway, Russia and Mexico join them, fearing that otherwise they will steal OPEC's market. — (AFP, Vienna)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)