Iran proposes up to 2 million bpd OPEC cut

TEHRAN (AFP) — Iran's oil minister said on Sunday that Tehran will call for an OPEC output cut of 1.5 million to two million barrels a day when the cartel meets next week, the ISNA news agency reported. "Our position in the upcoming OPEC meeting in Algeria is a cut of 1.5 million to two million barrels per day in OPEC's quota output," Gholam Hossein Nozari was quoted as saying. OPEC is due to meet on Wednesday in the Algerian city of Oran. "With this cut, we can create a balance between supply and demand, otherwise in the first and second quarters of 2009 we will be facing oversupply," said Nozari, whose country is the cartel's second oil producer.

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