Iran: too much oil available (5:29 p.m.)
VIENNA — Iran’s oil minister says that OPEC should cut back oil production when it meets later this weekend.
Gholam Hossein Nozari has told reporters that there is too much oil on the market. His comments come before a ministerial meeting Sunday of the 12-nation Organization of the Petroleum Exporting Countries.
Other influential OPEC members also say the group should reduce production.
Their statements have left open how. One way would be to lower output quotas. Another way would be to seek to end overproduction by some nations above levels allotted to them. That method is less likely to impact on the already struggling world economy. (AP)
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