Monday, January 19, 2009

Iranian media report says Iran has cut oil supplies to customers

TEHRAN, Iran - Iranian media says the country has reduced its oil supplies to Asian and European customers in line with OPEC's latest round of output cuts.

The report from the semiofficial Mehr News Agency has quoted Iran's OPEC governor, Mohammed Ali Khatibi, as saying the country's Asian and European customers have been informed of the cuts.

The Organization of Petroleum Exporting Countries has cut output by 4.2 million barrels per day since September.

Even the latest 2.2 million barrel per day reduction, that went into effect Jan. 1, has failed to boost prices that are currently about 70 per cent below mid-July highs of almost $150 a barrel.

Iran relies on oil for about 80 per cent of its foreign income.

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