July 2, 2008
Iran hints at oil production boost.
MADRID, Spain. Iran hinted at a possible increase in its production of crude oil to stabilize prices as they hovered above $140 a barrel.
Speaking as he prepared to deliver a briefing on his country's oil industry at the World Petroleum Congress in Madrid, Gholam Hossein Nozari dismissed the possibility of prices moving to $170 or even $200 a barrel. "We can control," he told CNN.
Asked what Iran would do to control prices, he replied "By the supply, the market."
Iran is OPEC's second-largest producer, with a current official allocation of 4.1 million barrels a day. Saudi Arabia is the largest producer in the oil producers' cartel, with an allocation of 9.1 million barrels a day, but has announced it is hiking production to 9.7 million.
Tuesday, Saudi Arabian Oil Minister Ali al-Naimi said his country would raise its crude oil production again only if demand rises beyond the extra half-million barrels a day it pledged to start pumping in June.
- Forums
- ASX - By Stock
- iran hints at oil production boost
iran hints at oil production boost
-
- There are more pages in this discussion • 9 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online