DJ Iran: OPEC Should Consider 1M B/D Cut At Jan Mtg-Paper-2-
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[December 28, 2005]

DJ Iran: OPEC Should Consider 1M B/D Cut At Jan Mtg-Paper-2-

(Comtex Business)Dec 28, 2005 (Dow Jones Commodities News via Comtex) --The semi-official Fars News Agency quoted Deputy Oil Minister For International Affairs Hadi-Nejad Husseinian as saying Iran would support a cut in OPEC's production ceiling at the January meeting.



Husseinian said he expected the global oil prices to fluctuate between $50 and $60/bbl in 2006.

Another report on the semi-official Mehr News Agency quoted Mohammed Ali Khatibi, head of OPEC affairs at the Iranian Institute for International Energy Studies, as urging OPEC to take action on the production policy.



"In view of the oversupply of oil and the increase in stockpiling by consumer countries, OPEC must take measures towards a cutback in production in its January meeting", said Khatibi.

If OPEC production continues at the current level, "We will probably see a considerable drop in prices during the second and third quarters," he said.

-By Hashem Kalantari, Dow Jones Newswires; +9821 88 966 230; hashem_kalantari@yahoo.com

(END) Dow Jones Newswires

12-28-05 0718ET

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