Iran Proposes 2 Million Barrel Per Day OPEC Cut

The Iranian Oil Ministry says Iran is proposing a cut in OPEC's production of up to two million barrels per day.

The ministry's Web site quotes Iran's Oil Minister Gholam Hossein Nozari as saying Iran would push for a production cut of 1.5 to 2 million barrels per day at organization's meeting in Algeria.

Nozari said Sunday the proposal is to provide balance to the oil market.

The cartel is grappling with how to reverse plunging crude prices. A meeting in Cairo last month left the decision to cut prices for Wednesday's session in Oran, Algeria.

Oil prices have plummeted from a high near $150 in July to around $45 — severely straining the Iranian economy.