Financial Times FT.com

Saudi and Iranian oil output falls

By Carola Hoyos, Chief energy correspondent

Published: November 10 2006 10:30 | Last updated: November 10 2006 10:30

Oil production in Saudi Arabia and Iran, Opec’s two biggest members, fell in October as the cartel prepared to implement its 1.2m barrel a day production cut which began on November 1.

The Organisation of the Petroleum Exporting Countries, the cartel that controls 40 per cent of the world’s oil supply, last month announced it would reduce its production to 26.3m barrels-a-day, cutting more than 4 per cent of its output in an attempt to stop the recent 25 per cent slide in international oil prices.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this