...

Iranian Oil Minister: No need for increasing OPEC's output

Oil&Gas Materials 28 February 2011 00:10 (UTC +04:00)
Iranian Oil Minister and rotating head of the Organization of Petroleum Exporting Countries (OPEC) Masoud Mirkazemi called on Saudi Arabia to avoid any hasty decisions regarding increasing of its crude oil output, IRNA reported.
Iranian Oil Minister: No need for increasing OPEC's output

Iranian Oil Minister and rotating head of the Organization of Petroleum Exporting Countries (OPEC) Masoud Mirkazemi called on Saudi Arabia to avoid any hasty decisions regarding increasing of its crude oil output, IRNA reported.

Mirkazemi made the remark on Sunday in response to a question by IRNA correspondent about Saudi Arabia's decision to increase its crude oil output.

'There is no need to increase OPEC's output because the oil reserves both offshore and onshore are presently on the rise,' he added.

Mirkazemi pointed out that it would be a hasty decision by Saudi Arabia to increase its output to compensate for the reduction of Libya's oil in the international markets.

Tags:
Latest

Latest