Share

Opec can't raise output: Iran

Tehran - Many Opec states are now producing as much oil as they can, limiting the ability of the cartel to raise output even if such a decision was made to help cool crude prices, an Iranian oil official was quoted on Saturday as saying.

Mohammad Ali Khatibi, deputy director of international affairs at the National Iranian Oil Company, also said in comments to ISNA news agency that any decision to hike Opec output would only help if the market faced a crude shortage.

Iran has previously said there was no shortage in crude supply and has blamed other factors for surging oil prices, which hit a lifetime high of $100 a barrel this week.

"Because most members are currently producing at full capacity it seems that even if there is a decision to increase the output ceiling, not all members would be able to increase their production capacity," Khatibi said, when asked if Opec would hold an emergency meeting to discuss surging prices.

"First it should be clear whether the market's current problem is a shortage of crude oil or not, because in many instances in winter and summer a shortage of crude products is the main factor behind the rise in prices," he said.

"In that case, increasing crude oil will not help balance the market because there is no significant possibility to increase the capacities of refineries and refineries are faced with limitations," he added.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.04
-0.7%
Rand - Pound
23.98
-0.4%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.7%
Platinum
894.10
-0.3%
Palladium
996.00
-0.6%
Gold
2,194.02
-0.0%
Silver
24.42
-0.9%
Brent Crude
86.09
-0.2%
Top 40
67,905
+0.3%
All Share
74,106
+0.3%
Resource 10
56,200
+1.0%
Industrial 25
103,604
+0.3%
Financial 15
16,488
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders