Most OPEC members see no need for output rise

TEHERAN - Iran’s OPEC governor said on Sunday most OPEC members believed there was no need to increase production when they meet this week in Vienna, the official IRNA news agency reported.

By (Reuters)

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Published: Sun 9 Sep 2007, 4:56 PM

Last updated: Sat 4 Apr 2015, 11:35 PM

‘In regards to the great amount of oil reserves, most OPEC members see no need to increase production (at the next meeting),’ IRNA quoted Hossein Kazempour Ardebili as saying.

‘They (most OPEC members) believe taking (oil) from crude oil reserves is a way to meet demand and control crude oil prices,’ Kazempour Ardebili added.

Comments from Iran, OPEC’s second-largest producer, and other OPEC members suggest the group is likely to stick to existing production levels when it gathers on Sept. 11 in Vienna.

But Saudi Arabian sources have signalled that members of the Organization of the Petroleum Exporting Countries (OPEC) may need to consider boosting oil output up to one million barrels per day at its meeting on Tuesday, according to a report by the Washington-based consultancy PFC Energy.

Saudi Arabia is the world’s largest exporter and OPEC’s most influential member.

US crude oil CLc1 settled at $76.71 a barrel on Friday, within sight of its Aug. 1 record of $78.77, and up from $74 the week earlier.

OPEC, supplier of more than a third of the world’s oil, had expected more output from competitors to help meet rising demand later this year.

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