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Oil prices had reached a peak of 147 dollars a barrel earlier this year. (http://afp.google.com/article/ALeqM5jqWNFg3fLCCpOetPLjQ0jCfrOJ_g)

http://www.cleanmpg.com/photos/data/501/Crude_Oil_-_Pump_Jack.jpgAFP (http://afp.google.com) – October 18, 2008

Here it comes, folks -- Ed.

TEHRAN (AFP) — Iran said on Saturday that OPEC should cut oil output at its emergency meeting next week amid prospects of reduced demand in the face of the global economic slowdown, the state broadcaster reported.

"Iran's clear proposal for the OPEC emergency meeting is that crude supply should be reduced in proportion with demand," Iran's ambassador to the oil cartel, Mohammad Ali Khatibi, told the state broadcaster.

"Global demand for crude oil has fallen, so crude supply should be reduced in order to preserve balance and stability in the market," Khatibi said, describing falling oil prices as "worrying".

Iran is OPEC's second largest exporter and its economy is heavily dependent on oil and gas income.

OPEC said on Thursday that it would hold an extraordinary meeting earlier than expected next Friday -- instead of in November -- to discuss the global financial crisis...http://afp.google.com/article/ALeqM5jqWNFg3fLCCpOetPLjQ0jCfrOJ_g

FWIW, part of this is that Iran was running for a UN Security Council Seat and was voted down 158-32 yesterday.

So they're still a little pissy today.

Oil prices are down, so the Iranians will fuel up their speedboats, load the MG's and RPG's, and make a run at the US Navy in the Straits of Hormuz. That's always been their quickest means of raising oil prices.

Harry