Iran Proposes OPEC Oil Output Cut

Iran will call for a cut in OPEC's, the Organization of Petroleum Exporting Countries, oil output during the cartel's meeting next week in Algeria.

Iran's oil minster said Sunday that Tehran will push for a production cut of 1.5 million to two million barrels of oil per day, in an attempt to raise prices.

After reaching a record high in July, oil prices have been falling fast as the faltering global economy lowers demand for energy.

But last month members of OPEC decided to delay possible supply cuts despite the steep drop in crude oil prices.

OPEC nations produce 40 percent of the world's oil.

Russia, a major non-OPEC oil producer, has said it may coordinate a production cut to bolster prices.