The World : Iran to Cut Oil Output 50%

Iranian Prime Minister Hussein Moussavi announced that Iran will cut its oil production by 50% “until further notice,” the official Iranian news agency reported. The agency did not say what Iran’s production was before the cut, but its export quota allotted by the Organization of Petroleum Exporting Countries is 2.3 million barrels a day. Moussavi, who made the announcement after a Cabinet meeting in Tehran, said the decision was made “in an effort to thwart plots aimed at weakening oil-exporting countries.” A growing glut of oil worldwide has driven prices down during the last two weeks.