OPEC 'powerless', says Iran oil minister

zoom

NO POWER: Iran's oil minister has said the market is over-supplied with crude and OPEC cannot do anything to reduce prices. (Getty Images)

Iran's oil minister said the market was over-supplied with crude and OPEC could not do anything to reduce prices, the website of the country's Oil Ministry reported on Tuesday.

"There is enough oil in the market. The market is over-supplied.... the price rise is not because of a shortage of supply," it quoted Oil Minister Gholamhossein Nozari as saying on the sidelines of a conference in Madrid.

"OPEC as a major oil producer cartel can't do anything to decrease prices," Nozari said.

OPEC member Iran has often said it sees no need for the Organisation of the Petroleum Exporting Countries to boost output, as the United States and other big oil consumers want, even though oil prices have increased 40 percent this year.

Iran, the world's fourth-largest oil exporter, has repeatedly said the market is well-supplied and blames rising prices on speculation, a weak dollar and geopolitical tension.

Nozari said Iran wanted oil market stability. "Fluctuation of prices harms [both] producer and consumers," he was quoted as saying. (Reuters)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.