Arab Today, arab today iranian opec governor slams saudi oversupply
Last Updated : GMT 06:11:27
Arab Today, arab today
Arab Today, arab today

Iranian OPEC governor slams Saudi oversupply

Arab Today, arab today

Arab Today, arab today Iranian OPEC governor slams Saudi oversupply

Tehran - FNA

\"Increasing production by some OPEC members, especially Saudi Arabia, will create instability in the market and will likely lead to a serious decline in oil prices which undermines OPEC\'s goals,\" Khatibi was quoted by Shana as saying. Khatibi said that the member states should respect OPEC decisions and honor their commitments to their fellow oil producers. \"It is better for OPEC members to let the global market determine the price of oil and avoid making unilateral decisions,\" he added. US ally Saudi Arabia has increased oil output this year in a bid to make up for the oil deficit the US and the EU will face after imposing an oil ban on Iran, which will come into effect on July 1. Saudi output grew by 250,000 barrels per day (bpd) in the first three months of this year, compared with the same period last year, to a total average of 9.9 million bpd in April, according to OPEC\'s estimate. As for OPEC oil ministers\' meeting this month, Khatibi said the 161st OPEC session will review market conditions and, market needs to the crude oil and make necessary decisions on the issue. He said fall or rise in the OPEC output level will depend on the market conditions but the OPEC ministers\' decision will be based on maintaining balance in the market, still taking interests of both producers and consumers into consideration. On the oil market prices last week, Khatibi said weakness of global economy has been among main reasons for fall in the prices. The global oil prices do not seem to suffer a sudden fall because OPEC is ready to return equilibrium to the market in any case and prevent fall in the prices, he added. In the meantime, Khatibi said OPEC will do its best to prevent unnecessary fluctuations in the prices. \"Stability will be restored in the market if some western states contemplate on their political stance and behavior. Iran holds rotating presidency over the world oil cartel. Ministers from OPEC\'s 12 member states plan to gather at its headquarters in Vienna on June. 14. Khatibi also told the Persian-language Donyaye-Eghtesad on Monday that Iran would name a candidate for the job of OPEC secretary general when the producer group meets in Vienna in June. Yet, the Iranian OPEC governor didn\'t identify a person for the role. The group\'s current secretary-general, Libya\'s Abdalla el- Badri, will end his second three-year term at the end of this year.

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