Iranian representative dismisses "economic terrorism" claims against OPEC

Business Materials 21 May 2012 10:50 (UTC +04:00)

Azerbaijan, Baku, May 21/Trend M. Moezzi

Iran's representative at the Organization of Petroleum Exporting Countries (OPEC) dismissed claims that the organization is engaged in "economic terrorism", Fars news agency reports.

OPEC governor, Mohammad Ali Khatibi, was responding to a lawsuit filed against the organization by the conservative American group, Freedom Watch.

OPEC has never created an oil shortage or held back oil when the world needed it, Iran's OPEC governor said .

Political, economic and psychological factors all play a role in global oil prices.
With regard to how the upcoming nuclear talks between the permanent members of the UN Security Council plus Germany (P5+1) and Iran would affect global oil prices, Khatibi said there's no way to predict prices.
The P5+1 talks are part of the diplomatic efforts to persuade Iran to limit its nuclear program, which Iran says is purely peaceful and the U.S. and Western leaders suspect is military. The second round of talks will be held in Baghdad on May 23.