Iran Monday warned OPEC's
current excess oil production could increase oil-inventory levels and said the
organization hasn't yet reached a consensus on its next secretary general, Iran's oil ministry
website Shana said.
The remarks highlight key points of contention for the Organization of Petroleum
Exporting Countries to discuss when the group meets Wednesday in Vienna for the
first time since June.
Iran's envoy to OPEC,
Mohammad Ali Khatibi, said the organization is producing one million barrels
per day more than the market needs, according to the Shana website.
Mr. Khatibi joined other voices in the group who have cautioned that OPEC is
producing too much oil for its own good.
In October, OPEC produced about 30.9 million barrels a day, according its
latest monthly report.
By contrast, OPEC says markets will need on average 29.7 million barrels a day
of its crude next year.
Mr. Khatibi said the excess supply could boost oil inventories--a situation
that would tend to exert downward pressure on oil prices.
Last week, the U.S. Energy Information Administration reported a
bigger-than-expected increase in U.S. gasoline supplies, up by 7.9 million
barrels compared with the previous week.
Mr. Khatibi also said OPEC has yet to reach a consensus on which candidate will
replace the organization's current Secretary General Abdalla Salem el-Badri,
who is set to leave his position at the end of the month.
Mr. Khatibi called on OPEC to devise strict criteria for choosing its secretary
general in order to avoid future squabbling over the leadership appointments.