In an interview , Khatibi said that attempts by certain OPEC members, particularly Saudi Arabia, to increase their oil production capacity could create volatility in the global markets and probably greatly reduce oil prices, given the doubts about the world economic recovery and its impact on the global oil demand in the coming months.
Commenting on Saudi Arabia's move to increase its oil output aimed at dragging down the price of Brent crude oil to USD 100 a barrel, the senior Iranian oil official said that OPEC members should allow the global markets to determine oil prices and avoid unilateralism in production.
Khatibi noted that the 161st (Ordinary) OPEC Meeting in Vienna, Austria, on June 14, will review world oil market conditions as well as global demand for crude, and will take the necessary decisions on the matter.
Any decrease or increase in oil production will depend on the market conditions, but, the forthcoming OPEC meeting will explore avenues to maintain balance in the oil markets and still serve the interests of both producers and consumers, he said.
The Iranian official also attributed last week’s fall in the oil prices to continued weakness in the global economy.
Khatibi concluded that global crude prices would not experience a sharp decline since OPEC is set, in any case, to restore stability in the oil markets and prevent oil prices from falling.
Iranian OPEC Governor Mohammad Ali Khatibi has called on the member states of the intergovernmental organization to demonstrate commitment to the collectively-made decisions of the body.
News ID 181859
