Iran, the second largest oil producer in the Organization of Petroleum Exporting Countries, said Tuesday it does not expect any decision to hike crude output at the cartel's meeting later this month.
Iran
, the
second largest oil producer in the Organization of Petroleum Exporting
Countries, said Tuesday it does not expect any decision to hike crude output at
the cartel's meeting later this month.
"Given the circumstances, there will not be an output increase and OPEC
will not permit members to do it," Oil Minister Masoud Mirkazemi told
reporters at a press conference.
"These days the [market] situation is not right to raise output. This is
my forecast," he said.
The minister also urged members of OPEC, which is to meet on Dec. 22 in
Luanda
, to
work to stabilize oil prices. "We should exert effort to reach price
stability in the market."
OPEC president Jose Maria Botelho de Vasconcelos of
Angola
said
in November that a price of between $75 and $80 a barrel would be satisfactory.
It currently stands at around $77.
Some OPEC members, including
Venezuela
, are
expected to announce they want to maintain current production levels, which
have been set since January at 24.84 million barrels per day.
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