OPEC president: Cartel does not plan to increase oil prices
Azerbaijan , Baku, June 26 /Trend/
Oil prices are determined on the basis of the production level and global market demand, the Mehr News Agency quoted Iran's Oil Ministry caretaker and OPEC president Mohammad Aliabadi as saying.
Aliabadi said the oil market determines the price of this strategic commodity.
According to the International Energy Agency, Saudi Arabia increased its oil export to 9 million barrels per day in May. Saudi's oil export was 8.4 million barrels per day in 2010.
He noted that Iran's position is aimed at keeping the oil production levels in OPEC.
Saudi Arabia previously called to increase oil production and already increased its oil export meanwhile Aliabadi underlined that Saudi Arabia's decision was prompt by US pressures.
Saudi Arabia 's offer to increase oil production levels is not the answer for a longtime period. Therefore it will be possible to have stable prices in global market through keeping the oil production level in OPEC, he said.
Saudi Arabia demanded increase of oil production level at OPEC's 159th meeting, but representatives of Algeria, Angola, Venezuela, Ecuador, Iraq and Iran called to keep the production quota.