ID :
176760
Wed, 04/20/2011 - 11:39
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Shortlink :
https://oananews.org//node/176760
The shortlink copeid
Oil output hike would not affect price: Iran's minister
TEHRAN, April 20 (MNA) -- Iran’s oil minister said any increase in the output of crude would not succeed in bringing down global oil prices, a day after other OPEC members expressed concerns about costly oil hurting fragile economies in consumer countries, Reuters reported.
“An increase of production will have no impact on the prices,” said Massoud Mirkazemi, who has described oil prices that broke two-and-a-half year highs above $127 last week as “not extraordinary”.
Mirkazemi made the remarks on the sidelines of Iran Oil Show in Tehran.
OPEC ministers attending a meeting in Kuwait on Monday said they were concerned that current prices of around $120 per barrel could undermine long-term economic growth and lead to a collapse in demand and prices in future years.
Iran currently holds the revolving one-year presidency of OPEC, which groups 12 nations that pump almost a third of the world’s oil.
“An increase of production will have no impact on the prices,” said Massoud Mirkazemi, who has described oil prices that broke two-and-a-half year highs above $127 last week as “not extraordinary”.
Mirkazemi made the remarks on the sidelines of Iran Oil Show in Tehran.
OPEC ministers attending a meeting in Kuwait on Monday said they were concerned that current prices of around $120 per barrel could undermine long-term economic growth and lead to a collapse in demand and prices in future years.
Iran currently holds the revolving one-year presidency of OPEC, which groups 12 nations that pump almost a third of the world’s oil.
