Iran sees no increase in OPEC quotas

Reuters: The Organisation of the Petroleum Exporting Countries will not increase quotas at a meeting on Saturday in Quito, Iran’s oil minister said, a view that chimed with other ministers gathering in the Ecuadorian capital.

TEHRAN (Reuters) – The Organisation of the Petroleum Exporting Countries will not increase quotas at a meeting on Saturday in Quito, Iran’s oil minister said, a view that chimed with other ministers gathering in the Ecuadorian capital.

“According to the market situation and the economic recession … and according to the amount of reserves, despite the beginning of the cold season, the prediction is that there will be no change in the quotas and there will be no increase in production,” Massoud Mirkazemi told Iranian state TV.

Oil prices are just short of the top end of the $70-$90 a barrel range flagged recently by Saudi Oil Minister Ali al-Naimi as the level consumer nations can cope with, but concern about the potential damage of rising fuel costs on a convalescent world economy is mounting.