Iran’s acting oil minister said today in Tehran that his government will continue to oppose an increase in OPEC's output quota.
“In accordance with the supply and demand situation, Iran will oppose raising OPEC's oil production quota ceiling at the next meeting (on 14 December),” Mohammad Aliabadi said [Mehr News Agency, 26 June.]
The International Energy Agency (IEA), which represents industrialized nations, announced on Thursday that it would release 60 million barrels of oil from its strategic reserves over the next month to force lowering the oil prices. The Brent Crude, a benchmark for Iran’s oil prices, fell sharply as a result of IEA’s move and is expected to go below $100 per barrels when the markets open on Monday.
The Iranian oil minister also accused Saudi Arabia of acting “at America’s request” when it decided unilaterally, outside OPEC, to raise its output levels.
“By lowering oil prices, the US is seeking to affect the next presidential election," Aliabadi said. “And Saudi Arabia was seeking to raise output levels at America's request,” he added.