Iran halves oil
NZPA-AP Nicosia, Cyprus Iran has halved its crude oil production in an effort to eliminate the world oil glut and stabilise prices, the official Iranian Islamic Republic News Agency reported. The agency, monitored in Nicosia, said the decision was taken at a Cabinet meeting in Teheran attended by President Ali
Khamenei. The measure was an effort to thwart plots aimed at weakening oil exporting countries, the agency said. Under a 1983 OPEC mandate, Iran’s production quota was 2.4 M barrels a day. Unofficial estimates place its exports at about 1.6 M barrels a day.
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Press, 28 January 1986, Page 22
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97Iran halves oil Press, 28 January 1986, Page 22
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