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Iran opposes any Saudi unilateral crude oil output increase
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08:54, June 18, 2008

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Iran said on Tuesday it opposes any unilateral move by Saudi Arabia to raise its crude oil output without a consensus from the Organization of Petroleum Exporting Countries (OPEC), Iran's Press TV satellite channel reported.

"Any output increase should be approved in the Organization of Petroleum Exporting Countries' ministerial meeting," Mohammad-Ali Khatibi, Iran's representative to the oil cartel, was quoted as saying.

"If Saudi Arabia decides to increase its crude output unilaterally, it will be a wrong move," Khatibi said.

The Iranian OPEC representative also said there was no shortage in the oil market and "oil producers are all agreed that oil market is saturated.

UN Secretary-General Ban Ki-moon said on Sunday that Saudi Arabia had told him it would increase its oil output by a further 200,000 barrels a day in July.

Saudi Arabia will host a meeting on June 22 in which oil producing and consuming countries will discuss ways to control soaring energy prices.

Source:Xinhua



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