Iran Economy NewsIran hopes OPEC lowers output: oil minister

Iran hopes OPEC lowers output: oil minister


AFP: Iran is unhappy with the current oil prices, its oil minister said Monday, hinting at a proposal for the OPEC to lower its output to compensate for a drop in crude prices.
TEHRAN, Iran (AFP) — Iran is unhappy with the current oil prices, its oil minister said Monday, hinting at a proposal for the OPEC to lower its output to compensate for a drop in crude prices.

“Iran’s suggestion has always been to reduce OPEC production ceiling,” Rostam Qasemi told reporters at a petrochemical conference in Tehran.

The Organisation of the Petroleum Exporting Countries last week boosted production to 30.21 million barrels a day in April from 29.93 million in March maintaining a flat forecast of global demand.

The move led to lower crude prices in Asian trade on Monday.

“Market is not in a very bad situation but (the oil price) does not correspond to our expectations,” Qasemi said, adding that Iran sees “ideal oil prices” above 100 dollars per barrel.

“Part of the fluctuations in oil prices is because of summer. We hope to find a solution at the next OPEC meeting,” he added, referring to the OPEC meeting scheduled in Vienna on May 31.

New York’s main contract, light sweet crude for delivery in June shed 78 cents to $95.26 a barrel and Brent North Sea crude for June delivery was down 71 cents to $103.20 in Monday afternoon trade.

According to secondary sources in OPEC, Iran has dropped to the fifth biggest producer in the cartel, producing 2.70 million barrels per day in April. Its production was at 3.63 million bpd in 2011, ranking it second after Saudi Arabia.

Qasemi rejected those accounts, saying Iran’s “current oil production has not decreased.” He did not elaborate.

In April Qasemi confirmed a decline in production and export in 2012 without giving any figures.

Iran’s oil industry has been slapped with international sanctions over its controversial nuclear programme.

The European Union in 2012 stopped buying Iranian crude, forcing Tehran to seek for new customers.

Latest news

Iran, the Resurrection of the Concept of ‘Revolution’

These days, Iran’s political and social environment has witnessed massive storms, which have changed the meaning of all concepts....

Iran Regime’s Response to Protests Censorship and Violence

The Iranian regime’s leadership has reacted to the ongoing wave of protests over the death of Mahsa Amini, the...

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

Must read

Iran Still Pursuing Weapons of Mass Destruction

By Pooya Stone Intelligence experts from two different regions...

Public outrage gives Iran’s hard-liners a political boost

Wall Street Journal: As Israel gambles on a potentially...

You might also likeRELATED
Recommended to you