A top official of Iran, which holds the presidency of the Organization of the Petroleum Exporting Countries, was quoted as saying Wednesday that the group is ready to make up for gaps in the markets.
A top official of
Iran
,
which holds the presidency of the Organization of the Petroleum Exporting
Countries, was quoted as saying Wednesday that the group is ready to make up
for gaps in the markets.
The semi-official Mehr news agency quoted
Iran
's
OPEC governor Mohammad Ali Khatibi as saying "OPEC is trying to remedy
deficiencies in crude oil supply and create balance on the market, and, in the
future, OPEC will continue to fulfill its duty to balance the market."
The official was quoted as saying that, considering a reduction of oil production
in non-OPEC countries in the medium to long term, OPEC is expected to fill the
gap as demand increase in the summer.
The statements, however, wouldn't necessarily suggest OPEC could decide a
formal output increase when it meets June 8.
OPEC members have said they would consider unilateral hikes to respond to
additional consumption in the summer.
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