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Oil prices fall after China reports slow GDP

It comes as Iran expressed its eagernes to increase oil production.

By Ed Adamczyk
As the price of oil fell Monday, Iranian oil minister Bijan Zanganeh said that despite expectations OPEC will not change its production limits, Iran is eager to see its production rise. File Photo by Maryam Rahmanian/UPI | <a href="/News_Photos/lp/aa24ae0346488080b591bcb372f049c1/" target="_blank">License Photo</a>
As the price of oil fell Monday, Iranian oil minister Bijan Zanganeh said that despite expectations OPEC will not change its production limits, Iran is eager to see its production rise. File Photo by Maryam Rahmanian/UPI | License Photo

NEW YORK, Oct. 19 (UPI) -- A slowing of China's economy in the third quarter caused oil prices in Asia to fall in trading Monday.

The Chinese gross domestic product in the third quarter grew 6.9 percent, its slowest growth since 2009 and indications of slowing consumption.

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The data comes as the oil minister of Iran, an OPEC member, said Monday he expects "no change" in production schedules when OPEC meets in Vienna in December.

Although some OPEC members have hinted the cartel may increase its production of 30 million barrels per day as Indonesia returns to the group and could amend the policy to concentrate on market share instead of price, Bijan Zanganeh, Iranian oil minister, said Monday, "The atmosphere is not [right] for making changes."

He added Iran would increase its oil production after the nuclear agreement between his country and six world powers goes into effect, likely in two months, he estimated.

December futures for Brent crude oil opened the day at $48.94 per barrel, down 1.5 percent from the previous trading day.

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