Tehran, Iran — The Iranian Oil Ministry says Iran is proposing a cut in OPEC's production of up to two million barrels per day. The ministry's Web site quotes Iran's Oil Minister Gholam Hossein Nozari as saying Iran would push for a production cut of 1.5 to 2 million barrels per day at organization's meeting in Algeria
[if only we had our own oil reserves]
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Medvedev: Russia may join OPEC
Russia does not rule out joining the Organization of the Petroleum Exporting Countries (OPEC), Russian President Dmitry Medvedev said Thursday, reported the Russian news agencies Interfax and Ria Novosti, as quoted by AFP. This country is ready to join efforts with OPEC to reduce production in order to sustain the oil price, said Medvedev.
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