Jan. 7 (Bloomberg) -- Iran, OPEC’s second-largest producer, will reduce shipments of crude oil for February to two refiners in Asia as part its commitment to the group’s output cuts, said officials from the companies.

National Iranian Oil Co., the country’s state-owned producer, will lower supplies sold under long-term contracts by 14 percent, said the two officials at refineries in Taiwan and Singapore, who asked not to be identified because of company policies.

The Organization of Petroleum Exporting Countries agreed on Dec. 17 to new production targets starting Jan. 1 which are 9 percent lower than their November quotas. OPEC is trying to stem New York crude oil futures’ 67 percent plunge from a record $147.27 a barrel on July 11. Iran’s government often calls for policies that will push prices higher.

“It looks like they are trying to find a way to tighten the market,” said Tony Regan, an independent oil and gas consultant based in Singapore. National Iranian Oil “doesn’t usually go into much detail at all about what they are doing. It’s usually the president or the minister who tend to be hawkish.”

The Middle East country produced 3.85 million barrels a day in December, according to a Bloomberg survey of oil companies, producers and analysts. That is 232,000 barrels a day more than the November targets. Compared to the new quotas, Iran overproduced by 558,000 barrels a day.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.

Last Updated: January 7, 2009 04:38 EST