Tehran, December 3:

Iran’s Organisation of the Petroleum Exporting Countries (OPEC) envoy Hossein Kazempour Ard-ebili called on the oil cartel to agree a new oil output cut at its next meeti-ng to counter an oversu-pply of crude, news agency IRNA reported.

“Some factors like the decrease of world economic growth and accumulation of oil and stockpiles of its by-products indicate that the market needs a cut in OPEC oil output again,” Kazempour Ardebili said.

“There is still oversupply in the market beyond the oil demand and with OPEC’s output cut agreed in October all the global market demands have been covered,” he added.

The 11 members of the OPEC are to meet for a meeting in the Nigerian capital on December 14 to decide on a probable output cut in a bid to stabilise oil prices. Kazempour Ardebili, the representative of OPEC’s number two producer, predic-ted a new possible output cut would be ‘between 500,000 and one million barrels per day’ of crude.

“We should wait and see the developments of the crude oil market by the meeting of OPEC in Abuja,” he said.