Iran says OPEC considering production cut

Iran's oil minister says he thinks there is too much crude on the market, adding that OPEC is reviewing whether it should cut back supplies.

Iran's oil minister says he thinks there is too much crude on the market, adding that OPEC is reviewing whether it should cut back supplies.

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Gholam Hossein Nozari's comments come a day ahead of a meeting of OPEC oil ministers who will decide whether to reduce production or keep it steady.

Nozari spoke on Monday against a backdrop of oil prices that have fallen nearly 30 per cent from their highs of almost US $150 a barrel. Iran has been the most vocal proponent of tightening OPEC's oil spigots.

Even if the ministers decide to reduce output, any cutback is expected to be relatively small, however.