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Iran to propose ways to boost oil prices

Iran's official news agency says the country's oil minister will propose ways to boost oil prices during OPEC's March 15 meeting in Vienna.
/ Source: The Associated Press

Iran's official news agency says the country's oil minister will propose ways to boost oil prices during OPEC's March 15 meeting in Vienna.

Tuesday's report does not provide details on any proposals, but quotes Gholam Hossein Nozari as saying the Organization of Petroleum Exporting Countries' compliance with an earlier 4.2 million barrel per day cut stands at about 80 percent.

Nozari says the group is ready to slash output by 500,000 to 600,000 barrels per day to fulfill its promise.

Oil has fallen about $100 per barrel from mid-July highs near $150, dragged down by slumping demand and global economic woes.

Nozari has said no new cuts are expected from the Vienna meeting.