Iran's OPEC representative: Crisis in U.S., EU cause cut in oil price

Oil&Gas Materials 5 August 2011 15:57 (UTC +04:00)

Azerbaijan , Baku , Aug. 5 /Trend/

Cut in oil prices on international markets has resulted from economic uncertainty in U.S. and Europe's markets, Iran's representative at OPEC Mohammad Ali Khatibi said in an interview with SHANA.

"The economic reports indicate existence of crisis in the West countries' economy," he said.

Saudi Arabia 's increasing the oil production by about a million barrels per day in July was also mentioned as another reason cut in oil prices by 5 percent on 4 August.