OREANDA-NEWS. According to Reuters, Iran is ready to back any OPEC decision
Aimed at regulating oil prices in the aftermath of a drop of oil prices, Iran’s representative in OPEC Hossein Kazempur Ardebili said.

“Islamic Republic of Iran will support any efforts by OPEC aimed at strengthening world oil markets and return of oil prices to acceptable and logical level,” Iran’s IRNA agency quotes the official as saying.

Oil prices grew on Friday in the wake of the BP Plc report on production cuts in Alaska and Nigeria and Venezuela plans to cut extraction.

According to the OPEC press secretary, Venezuela will follow Nigeria’s moves to cut oil production, reducing it by about 50,000 barrels a day.

Earlier, Nigeria declared plans to cut extraction by 1`20,000 barrels a day. Both countries plan to cut production starting October 1.