Iran says OPEC has no obligation to cool prices

Reuters: OPEC does not feel it must cool scorching world oil prices by raising production at its March 16 meeting and will continue its suspension of the $22-$28 price band, Iran’s OPEC governor said on Sunday.
Reuters

TEHRAN – OPEC does not feel it must cool scorching world oil prices by raising production at its March 16 meeting and will continue its suspension of the $22-$28 price band, Iran’s OPEC governor said on Sunday.

“Under conditions when global oil prices are higher and under conditions when OPEC has no tendency for extra production to reduce price levels, OPEC members welcome current prices and will continue the price (band) suspension,” Hossein Kazempour Ardebili told the semi-official Fars news agency.

“What (price) range OPEC will decide upon in the current period is not on the agenda, and OPEC does not see any reason for a necessary agreement to decrease global oil prices,” he added in an interview.

OPEC will meet in the central city of Isfahan on March 16, with most members saying world prices are now too high to slice back output.

Iran is OPEC’s second biggest producer, after Saudi Arabia, and pumps around 4 million barrels each day.