Iran says OPEC to maintain production rates until 2012

Iran Materials 15 December 2011 12:05 (UTC +04:00)

Azerbaijan, Baku, Dec. 15/ Trend M. Moezzi

OPEC's production will continue at the current level with a ceiling of 30 million bpd for 2012, Shana News reported quoting Iran's OPEC representative.

The 30 mbpd production level agreed by members of the Organization of Petroleum Exporting Countries' (OPEC) includes Libya's current and future production, Mohammad Ali Khatibi said.

Meanwhile, Iran's Oil Minister Rostam Ghasemi said meetings with his Saudi Arabian, Iraqi and Venezuelan counterparts at OPEC's 160th ministerial meeting had been productive.

The oil minister noted Iran did not want OPEC to increase its production because oil markets were stable and the countries who had upped their oil exports to replace Libya's should stop since Libya has renewed oil extraction.