Venezuela, Iran to support OPEC production cut

Venezuela and Iran have agreed to call for a production cut by the Organization of Petroleum Exporting Countries, Venezuelan President Hugo Chavez said Saturday. Speaking after talks with visiting Iranian President Mahmoud Ahmadinejad, Chavez said the two countries agreed to back a production cut in the cartel to stem a recent fall in crude prices. "We know today there is too much crude in the market," Chavez said. "We have agreed to join our forces within OPEC ... to support a production cut and save the price of oil."