Iran seeks drop in OPEC's oil production

Iran has pressed OPEC to reduce oil production by 1 million barrels per day.

The United States has opposed any drop in oil production on grounds that it would rise oil prices. OPEC plans to meet on Jan. 31.

Teheran relayed the request for a reduction by 1 million barrels per day in OPEC oil production, now set at 28 million barrels per day.

The ostensible purpose of the proposed reduction is to avoid excessive oil stockpile and would begin in April, Middle East Newsline reported.

"OPEC should not postpone the issue of output reduction," Iranian Oil Minister Hossein Kazempour Ardebili said. "Iran has called for carrying out discussions and making decisions for a one million bpd of oil output cut in the second quarter."
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