Iran says extra OPEC oil unlikely to curb prices
Oil prices are not rising because of a lack of crude in the market and so any increase in OPEC output is unlikely to help bring them down, a senior Iranian oil official was quoted as saying on Sunday.
By PTI |
TEHRAN: Oil prices are not rising because of a lack of crude in the market and so any increase in OPEC output is unlikely to help bring them down, a senior Iranian oil official was quoted as saying on Sunday.
"In the current conditions and oil market uncertainties, it is unlikely there will be an increase in OPEC production or that it would have an impact on prices," Javad Yarjani, head of OPEC affairs at Iran's Oil Ministry, said.
"Price rises are not due to a decrease in oil supply and centres of supply have not been facing problems but rather it is more because of geopolitical issues," he said.
"In the current conditions and oil market uncertainties, it is unlikely there will be an increase in OPEC production or that it would have an impact on prices," Javad Yarjani, head of OPEC affairs at Iran's Oil Ministry, said.
"Price rises are not due to a decrease in oil supply and centres of supply have not been facing problems but rather it is more because of geopolitical issues," he said.
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