Business | Oil & Gas

Iran will not increase oil output, says minister

The Organisation of Petroleum Exporting Countries (Opec) will not boost oil output as such a move would increase reserves, Iran's oil minister said on Saturday.

  • Agencies
  • Published: 10:09 May 17, 2008
  • Gulf News

  • The United States has urged Opec members to increase their output of oil to control the rising oil price.
  • Image Credit: Gulf News Archive

Tehran: Iran on Saturday said it will not increase oil output and dismissed Saudi Arabia's decision to boost oil output as a "political move", an Iranian news agency said.

Oil Minister Gholamhossein Nozari was speaking a day after Saudi Arabia announced a modest increase in output after an appeal from visiting US President George W. Bush.

Nozari said any production hike among members of the Organization of Petroleum Exporting Countries (Opec) would only lead to an increase in reserves.

The Fars News Agency quoted Nozari as saying that Saudi Arabia's action “is more of a political move ... this action will only help to increase reserves."

Iran is the second-largest oil producer in Opec, after Saudi Arabia.

Iran has repeatedly said the market is well-supplied with crude and blamed the rising oil price on the weak US dollar and other factors outside Opec's control.

The United States is also leading moves to impose sanctions on Iran over its nuclear programme, which Iran insists is for peaceful purposes.

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