Iran Demands To Cut OPEC Quotas

The officials of Iran, second largest oil producer in OPEC, announced they would like the cartel to cut back quota levels to bolster falling prices for its lower quality oil.

The oil minister of Iran yesterday said that world oil markets were oversupplied, the first sign of unease in the cartel over falling prices.

OPEC?s reference crude oil basket has fallen to its lowest level since mid-July at $35.94. But an early or severe winter could put stress on stocks, prompting a fresh buying by funds.

Iran produced 3.97 million bpd in October in line with its Opec quota.