Iran continues to oppose OPEC output quota increaseJune 26, 2011 - 16:34 AMT PanARMENIAN.Net - Iran will continue to oppose pressure from consumer nations for an increase in oil cartel OPEC's output quota, its caretaker oil minister said on Sunday, June 26. "In accordance with the supply and demand situation, Iran will oppose raising OPEC's oil production quota ceiling at the next meeting (on December 14)," Mohammad Aliabadi told the Mehr news agency. At their last meeting on June 9, OPEC ministers decided to keep official output levels at 24.84 million barrels per day (mbpd), where they have stood since January 2009. The International Energy Agency (IEA), which represents industrialised nations, then announced on Thursday that it would release 60 million barrels of oil from its strategic reserves over the next month. The move sparked a massive sell-off, with oil prices dropping more than $8 in London and nearly $6 in New York. Aliabadi said "stabilising OPEC's oil production quota could possibly lead to stable oil prices." He charged that Iran's OPEC rival Saudi Arabia was seeking to raise output levels "at America's request." "OPEC is not seeking to raise oil prices," the minister insisted. "By lowering oil prices... America is seeking to affect the next presidential election," he charged. OPEC's number two exporter after Saudi Arabia, Iran is the current holder of the cartel's rotating presidency. Aliabadi's remarks came a day after Iran's OPEC representative Mohammad Ali Khatibi accused the US and its European allies of forcing an "artificial" oil price slump on the market, according to AFP. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |