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Report: Iran cuts oil supplies to customers
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TEHRAN, Iran - Iranian media says the country has reduced its oil supplies to Asian and European customers in line with OPEC's latest round of output cuts.
Sunday's report from the semiofficial Mehr News Agency has quoted Iran's OPEC governor, Mohammed Ali Khatibi, as saying the country's Asian and European customers have been informed of the cuts.
The Organization of Petroleum Exporting Countries has cut output by 4.2 million barrels per day since September. But even the latest 2.2 million barrel per day reduction, that went into effect Jan. 1, has failed to boost prices that are currently about 70 percent below mid-July highs of almost $150.
Iran relies on oil for about 80 percent of its foreign income.
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