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Iran says OPEC to keep oil production quote unchanged

Iran Materials 7 October 2011 15:36

Azerbaijan, Baku, Oct. 7 /Trend T.Konyayeva, T.Jafarov/

The OPEC member countries will reach an agreement on keeping the oil production quotes unchanged in the forthcoming meeting in Vienna on Dec.14, Shana quoted Iran's representative to OPEC Mohammad-Ali Khatibi as saying on Friday.

Khatibi said the current oil prices are satisfactory both for oil exporters and importers.

He noted that several countries insisted on changing oil production quotes during the latest OPEC ministerial meeting in Vienna on June 8, but they failed.

"After the halt of the Libyan oil export, a number of countries have raised oil production. However, Libya returned to the market, and it is expected to bring the oil production level to 500,000 barrels per day in next weeks," Khatibi said.

Following Libya's rejoining the group of oil exporting countries, OPEC states that increased oil output should again produce crude within the quotes, he added.

Late September, Libya resumed exporting crude since its production was halted in March due to the turmoil in the North African country.

During the latest OPEC's meeting in Vienna in June, Saudi Arabia tried hard to convince the member states to demand changing oil production limits that have been in place since 2009. Many countries stood up to Saudi's measure except for the United Arab Emirates and Kuwait that later refrained from entering talks. However, Iran, holding the rotating presidency of the OPEC, Ecuador, Venezuela, Angola and some other countries opposed the Saudi move.

Later, Iran's caretaker oil minister Mohammad Aliabadi said Tehran would strongly confront any possible move by the oil producing countries to affect market prices.

Despite OPEC's call to keep current production rate Saudi Arabia has increased its oil production in August to 9.760 million barrels of crude oil per day.

Earlier, Iranian Oil Minister Rostam Ghasemi said Iran will call on the OPEC members to maintain current oil production rate at the forthcoming meeting.

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