Iran Says OPEC Considering Production Cuts

Iran's oil minister says he thinks there is too much crude on the
market, adding that OPEC is reviewing whether it should cut back
supplies.
His comments come a day ahead of a meeting of OPEC oil ministers
who will decide whether to reduce production.
Iran is pressuring Iraqi authorities to exclude U.S. majors from
contracts to develop the country's massive oil fields, sources at the
Oil Ministry say.
The authorities currently favor Chinese and Russian companies to
those in the United States.