Iran urges OPEC members to stick to oil output quotas to halt price dropJune 9, 2012 - 17:26 AMT PanARMENIAN.Net - Iran has urged OPEC member countries to stick to their oil production quotas to halt oil price declines, IRNA news agency reported on Saturday, June 9 citing Iran’s OPEC envoy Mohammad Ali Khatibi, RIA Novosti said. The failure of certain OPEC members to observe their production quota and economic crises in the United States, Europe and certain Asian countries were the main reasons for the falling prices in world oil markets, he said. International oil prices have fallen from about $118 per barrel to under $100 per barrel in recent weeks amid increasing investor worries about Europe’s lingering sovereign debt woes and discouraging macroeconomic data from the U.S. and China, indicating a slowdown in global economic growth. While OPEC set official production ceiling at 30 million barrels per day in 2011, it produces about 2 million barrels per day more than the figure, he said, adding that Saudi Arabia and its two allies, Kuwait and the UAE, were the biggest quota violators and the major contributors to falling oil prices in world markets. The Iranian envoy said Saudi Arabia was increasing its crude supplies to the markets under pressure from the world’s biggest oil consumers to calm down the oil market. Khatibi said the Iranian oil minister had already sent a letter to the OPEC chief to protest the quota violations by these three countries, adding he had urged the member states not to work against each other. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says. Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |