Iran Reduces Oil Supplies To Asian, European Customers

SAN FRANCISCO -- Iran has started putting into place planned output cuts agreed to by the Organization of Petroleum Exporting Countries, reducing supplies to Asian and European customers, according to an Associated Press report citing Iran's Mehr News Agency. The customers had been informed of the reduction, the report said. Crude oil futures closed at about $36.51 on Friday, down about 75% from July.
January 18, 2009
Andrea Coombes
FOX NEWS