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Iran Enforces 176,000 B/D OPEC Cut

Source: www.gulfoilandgas.com 11/1/2006, Location: Asia

Iran is lowering its crude oil exports to the international market by 176,000 barrels a day effective Wednesday, a senior Iranian Oil Ministry official said. "In the wake of the Organization of the Peteroleum Exporting Countries' recent decision, the production of Iran's crude oil will be lowered beginning today," the official IRNA news agency quoted Hojjatollah Qanimifard, director of the international affairs at the National Iranian Oil Co.

In its gathering in the Qatari capital Doha last month, OPEC agreed to cut its production by 1.2 million b/d from the group's actual rather than nominal output to stem drops in crude oil prices from a peak of $78.40 in July.

According to the NIOC, the average price of Iran's export oil - sweet and sour - dropped to $54.6 a barrel on Oct. 27.

Iran has said repeatedly that any price below $60 would not be desirable.

Iran's OPEC quota is 4.11 million b/d but its actual production is below that. According to OPEC, its crude output was 3.9 million b/d in September.

Iranian oil officials have said in recent days that if the proposed cut in actual production doesn't stem the drop in prices, OPEC should consider additional cuts in its Decemder meeting in Nigeria.

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