Iran wants OPEC to cut 1.5 million barrels

Iran called on OPEC Saturday to cut production by a further 1 to 1.5 million barrels per day when it meets in Cairo later this month, state television's Web site reported Saturday. Iran's OPEC governor, Mohammad Ali Khatibi, said the cartel needs to act to slash output because demand for oil has declined due to the global financial meltdown. OPEC decided to cut production by 1.5 million barrels a day last month in response to a dramatic fall in oil prices from a record $147 in July to below $70 last month. The cartel produces about 40 percent of the world's crude oil. Despite the cut, oil prices have continued to decline. Light, sweet crude for December delivery fell $1.20 to settle at $57.04 a barrel on the New York Mercantile Exchange Friday.