No need to raise output - Iran

Oil Minister Nozari says market sufficiently supplied with crude and no need for Opec to raise production.
No need to raise output - Iran
By Reuters
Tue 29 Jan 2008 08:33 PM

Iranian Oil Minister Gholamhossein Nozari said in remarks published on Tuesday that the market was sufficiently supplied with crude and he saw no need for Opec to raise production.

Nozari's comments, carried by Iran Daily newspaper, come before Opec meets in Vienna on Friday to discuss output policy, with oil prices around $10 below this year's record high above $100 a barrel.

Iran has repeatedly said the market had adequate crude supplies and has blamed the price surge on other factors such as tensions in the Middle East and speculation.

Nozari was quoted as saying "there was no need to supply more oil as the market was supplied sufficiently and its conditions were stable".

He was also quoted as saying "there was no reason for lifting Opec output as warm months of the year were approaching".

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.