Economy
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Publish date27 Mar 2011 - 9:13
Story Code : 43703

'OPEC not to increase crude output'

Iranian Oil Minister Massoud Mirkazemi says the Organization of the Petroleum Exporting Countries (OPEC) will not increase crude output.
The Iranian minister, who holds the OPEC rotating presidency, told Mehr News Agency on Saturday that there is no need for an emergency meeting in the current situation as the market is balanced.

The official said OPEC only pumps about 30 million barrels of oil to the world markets per day -- nearly a third of the global oil production.

"Prices were pushed up by political crises in some countries of North Africa and the Persian Gulf as well as due to the global economic recovery," he said, adding that an extraordinary meeting is not necessary despite the price hike to over $100 per barrel.

Mirkazemi went on to say that if member countries request an extraordinary meeting, OPEC is ready to organize it shortly.

He further named the devaluation of the US dollar as the reason behind the rise in crude prices.

Crude oil prices have been on rise due to unrest in Egypt and Bahrain, and fighting between Gaddafi's loyalists and revolutionary forces as well as a US-led military intervention in Libya caused further hikes in the prices.

Libya is Africa's fourth largest oil exporter.

Prices fell slightly in New York on Friday as a barrel of light sweet crude ended at 105.40 dollars, down 20 cents from the previous day.
https://taghribnews.com/vdcipya5.t1apu2lict.html
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