Business | Oil & Gas
Some Opec states pumping above quota, says Iran
Iran's Opec governor said on Wednesday some members of the Organisation of Petroleum Exporting Countries were producing more crude oil than their quotas, Mehr news agency reported.
- Agencies
- Published: 20:23 November 26, 2008
Tehran: Iran's Opec governor said on Wednesday some members of the Organisation of Petroleum Exporting Countries were producing more crude oil than their quotas, Mehr news agency reported.
"Currently some Opec countries are producing more crude than the quotas decided (on November 1)," Mohammad Ali Khatibi told Mehr.
He also said Opec needed to have fresh output cut to stabilise the market.
Opec ministers next gather in Cairo on November 29 but that meeting has been called a consultative session with its next policy-setting meeting scheduled for December 17 in Algeria.
Some Opec members have said any new decision to cut supply should wait until the full impact of Opec's decision to cut 1.5 million barrels per day (bpd), effective from November 1, could be assessed. Iran has said a decision could be taken in Cairo.
"Without a doubt, the market is now oversupplied and the solution for producers is to supply crude in accordance with the market's need."
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