Iran's Oil Minister Gholam Hossein Nozari attends the opening ceremony of the Jeddah Energy Meeting June 22, 2008.  (Xinhua/Reuters file Photo) Photo Gallery>>>

    TEHRAN, Aug. 2 (Xinhua) -- Iranian Oil Minister Gholam Hussein Nozari has revealed that the Organization of Petroleum Exporting Countries (OPEC) will seriously consider rationing its oil production, the semi-official FARS news agency reported.

    "I think OPEC will be serious about this issue" in case of continuous decline of crude oil prices and lack of oil output control by some OPEC members which keep high level oil production, Nozari was quoted as saying.

    "Those members who have increased their production should control it," Nozari said, referring to the remarks made by some oil ministers of OPEC member states about the probability of reducing the production level of the oil.

    "we have the responsibility to control the market and to be serious about the rations," he said.

    Crude oil prices slid again on Friday, as weak economic growth data of the United States reignited concerns about slowing demand in world's biggest energy consuming nation.

    Concerns over the health of the U.S. economy -- a major buyer of global energy exports -- have pushed crude oil prices down by about 25 dollars since reaching record peaks above 147 dollars on July 11.

OPEC president says not to raise oil output

    JAKARTA, July 29 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) President Chakib Khelil said here Tuesday the oil cartel will not increase its oil output even in the next winter.

    Speaking to the press after presenting his paper before Indonesian energy stakeholders, he said OPEC is currently having an overproduction. Full story