Iran General NewsIran says OPEC powerless to reduce oil price-report

Iran says OPEC powerless to reduce oil price-report

-

ImageReuters: Iran's oil minister said the market was over-supplied with crude and OPEC could not do anything to reduce prices, the website of the country's Oil Ministry reported on Tuesday.

ImageTEHRAN (Reuters) – Iran's oil minister said the market was over-supplied with crude and OPEC could not do anything to reduce prices, the website of the country's Oil Ministry reported on Tuesday.

"There is enough oil in the market. The market is over-supplied …. the price rise is not because of a shortage of supply," it quoted Oil Minister Gholamhossein Nozari as saying on the sidelines of a conference in Madrid.

"OPEC as a major oil producer cartel can't do anything to decrease prices," Nozari said.

OPEC member Iran has often said it sees no need for the Organisation of the Petroleum Exporting Countries to boost output, as the United States and other big oil consumers want, even though oil prices have increased 40 percent this year.

Iran, the world's fourth-largest oil exporter, has repeatedly said the market is well-supplied and blames rising prices on speculation, a weak dollar and geopolitical tension.

Nozari said Iran wanted oil market stability: "Fluctuation of prices harms (both) producer and consumers," he was quoted as saying.

(Reporting by Parisa Hafezi; Writing by Fredrik Dahl; Editing by William Hardy)

Latest news

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...

Ten Percent of Iran’s Nation Is Ready To Sacrifice Itself for Freedom

According to estimates by the Iranian regime’s main opposition group, the People’s Mojahedin Organization of Iran (PMOI/MEK), more than...

Must read

U.S. decries human rights violations in Iran

Iran Focus: London, Apr. 06 – The United States...

UK: Iran supplying arms to the Taliban

Iran Focus: London, Jul. 16 – Britain on Monday...

You might also likeRELATED
Recommended to you