Business | Oil & Gas

Iran not to press for output cuts at Opec's next meeting

Iranian Oil Minister Gholamhossein Nozari said on Tuesday there would be no need to call for a cut in the Organisation of Petroleum Exporting Countries (Opec) oil output when the group meets in September because winter would by then be approaching.

  • Reuters
  • Published: 20:41 July 22, 2008
  • Gulf News

  • The Opec secretary-general says the group will review the balance of oil supply and demand at its next meeting.
  • Image Credit: Gulf News Archive

Tehran: Iranian Oil Minister Gholamhossein Nozari said on Tuesday there would be no need to call for a cut in the Organisation of Petroleum Exporting Countries (Opec) oil output when the group meets in September because winter would by then be approaching.

The Opec secretary-general said in July the group was pumping more than enough oil for world markets for now but would review the balance of supply and demand at its next meeting.

"Since in September we will be approaching winter, it would not be appropriate to ask for a reduction," Nozari told reporters when asked if he saw a need for Opec to cut output when it gathers in September.

Supplies

"The market is well supplied," he said, reiterating Iran's view that a shortage of crude was not behind high oil prices.

Big oil consumers, such as the US, have been calling on Opec to hike output to cool prices, which surged to an all-time peak of $147 a barrel earlier in July.

Iran, America's arch foe, has opposed calls for any such action. Oil prices slid lower last week on the back of growing concerns about the health of the US economy due to the housing crisis and rising fuel costs.

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