updated 11/30/2008 2:45:01 PM ET 2008-11-30T19:45:01

Iranian state TV says the country's Oil Ministry has proposed an OPEC production cut of 2 million barrels per day.

The cartel is grappling with how to reverse plunging crude prices, but ended a meeting in Cairo Saturday without announcing an output cut, leaving any such decision to its next meeting, in Algeria on Dec. 17.

Oil Minister Gholam Hossein Nozari was quoted as saying Sunday that the market was oversupplied by around 2 million barrels per day and that production should be cut by that amount. That is considerably larger than figures being suggested by analysts and some other OPEC members.

The report also quoted Iran's OPEC governor, Mohammad Ali Khatibi, as saying "OPEC plans to review a decrease of production at its meeting in Algeria."

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