Iran calls for deep OPEC cut

VIENNA, Austria (AP) -- Iran is calling on OPEC to slash oil production by 2 million barrels a day in an effort to keep prices from falling any lower.

Oil is selling at prices not seen since last summer, and OPEC ministers seem to agree it's time to talk about cutting back production. But they also want to act with caution since many of the world's economies are still on shaky ground.

Tomorrow's emergency meeting was pushed up from mid-November to address these concerns.

The Saudis, the unofficial leaders of OPEC, haven't said much about tomorrow's meeting.

Production cuts usually cause prices to surge, but with demand still falling, that might not happen this time.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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