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OPEC may cut oil production

August 29/2011

(Arabian oil and gas) -- Iran's OPEC governor announced on Saturday that if oil prices continue their downward trend under the shadow of the global economic crisis, OPEC may react by cutting its production, according to Iran's state-backed Mehr news agency.


However, Mohammad Ali Khatibi told Mehr, seasonal demand for oil will grow in the near future, which can trigger the oil prices up.


Khatibi predicted if the current economic crisis continues in the major oil consuming countries, especially in Europe, its probable that oil prices fall more. In these circumstances Khatbi may attempt to convene an emergency OPEC meeting with a view to cutting production.


Khatibi has criticized Saudi Arabia - the only producer in OPEC with a meaningful amount of spare capacity - for unilaterally increasing its oil output without formal OPEC approval following the failed OPEC meeting on 8 June.


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