Ahmadinejad wants more profits for oil producing countries

TEHERAN - Iranian President Mahmoud Ahmadinejad called on the Organisation of Petroleum Exporting Countries (OPEC) on Sunday to secure more profit for oil producing countries, ISNA news agency reported.

By (DPA)

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Published: Sun 6 Apr 2008, 9:48 PM

Last updated: Sun 5 Apr 2015, 11:36 AM

Ahmadinejad told visiting OPEC Secretary General Abdullah al-Badri that despite increase of global oil prices, oil consuming countries make far more profit than oil producers.

“Some of the oil importing countries have prevented oil from reaching its real price and therefore OPEC member states should avail themselves of all their potential to secure profit and rights of oil exporting (rather than importing) countries,” Ahmadinejad said.

The Iranian president proposed formation of a joint OPEC bank, the use of a single currency and a stronger presence in the world economy.

The OPEC secretary general was also quoted by ISNA as saying that the current oil price has not yet reached its real level adding that there was no need for any production hike.

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