Iran General NewsNo OPEC plan to up oil supply, no shortage:...

No OPEC plan to up oil supply, no shortage: Iran

-

Reuters: Iran Oil Minister Kazem Vaziri-Hamaneh said on Monday there is no shortage of crude oil in the market and OPEC has no plans to increase supplies. KUALA LUMPUR (Reuters) – Iran Oil Minister Kazem Vaziri-Hamaneh said on Monday there is no shortage of crude oil in the market and OPEC has no plans to increase supplies.

Commercial oil stocks are at a high level and current strong prices around $69 a barrel are not due to inventory levels, he told reporters on the sidelines of the Asia Oil and Gas Conference in the Malaysian capital.

“Now there is no shortage of crude oil in the market,” he said when asked if OPEC should release more supplies to the market to temper rising oil prices.

Asked if oil prices would hit $80 a barrel, he said: “We cannot predict what will happen to prices now.”

He said that commercial oil stocks in the United States are at a very high and comfortable level, and “the reason for the price hike is not because of crude supply problems”.

Vaziri-Hamaneh also said that Iran is in discussions to store strategic crude in China, while it is in talks to build refineries in Singapore, Syria, Malaysia, Indonesia and China.

He added that Iran is not concerned over the financing of mega oil projects in the country amid concerns over western economic sanctions over Tehran’s nuclear plan.

Latest news

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Who Is Abolqasem Salavati Iran Regime’s Killer Judge?

Last week, it was announced that the case of several people who were arrested during the Iranian People's uprising...

Iran Revolution Characteristics

More than two months have passed since the start of the latest round of protests in Iran against the...

Iran’s Regime Is Unable To Eradicate Protests

Totalitarian governments, whether be it a monarchy or a clerical regime, and their international supporters are pursuing the same...

Must read

Rome protest against Iran’s President draws thousands

Iran Focus: Rome, Nov. 04 – More than 10,000...

Six die in helicopter crash near Iran’s highest peak

AFP: Six Iranians were killed in a helicopter crash...

You might also likeRELATED
Recommended to you