Iran: OPEC should cut back oil production

Iran's oil minister said on Saturday that OPEC should cut back oil production when it meets later this weekend. Gholam Hossein Nozari told reporters that was too much oil on the market. His comments came before a ministerial meeting Sunday of the 12-nation Organization of the Petroleum Exporting Countries. Other influential OPEC members also said that the group should reduce production. One way to lower oil production would be to lower output quotas. Another way would be to seek to end overproduction by some nations above levels allotted to them. That method is less likely to impact on the already struggling world economy.