TEHRAN. May 4: Iran said Sunday it had cut exports of crude oil to European and Asian markets in line with its commitment to the Organisation of Petroleum Exporting Countries (OPEC) to boost prices, reports AFP.

The Director of the oil ministry's International department. identified only by his last name Qanimi-Fard. said exports to the two markets had been reduced by 140.000 barrels a day effective April 1.

Tne cut in exports to Europe accounts for 75 per cent of the total figure, he said, adding that the cut had even affected several long-term contracts.

"Iran, as a principle, welcomes any collective move by OPEC to stabilize the oil market an boost prices.” Qanimi-Fard said, quoted by the official Irna news agency.

He also called on non-OPEC member states "to take responsibility for a stable market and appropriate prices."

Iran had pushed for an OPEC decision in late March to cut out put by 1.245 million barrels a day in a bid to stabilise prices.