Iran, Iraq, and Algeria join Emirates in an oil cutback

Iran, Iraq, and Algeria say they will cut their oil production by 10 percent to reduce the glut of crude on world markets, following a similar cut by the United Arab Emirates. Iranian Oil Minister Ali Akbar Moinfar says OPEC members reached a gentleman's agreement in Vienna to reduce production by 10 percent beginning Oct. 1. But Saudi Arabia's oil minister, Ahmad Zaki Yamani, said last week that Saudi production would remain at its present level of 9.5 million barrels a day until the end of the year.