Iran Oil Min Blames Non-OPEC Producers For Lower Prices
LONDON -(Dow Jones)- Iranian Oil Minister Sunday blamed output hikes by
producers outside the Organization of Petroleum Exporting Countries for a fall
in oil prices compared to last year's record $147 a barrel.
"Even though OPEC has reduced its production ceiling at several meetings, non-
OPEC countries have acted the other way around and increased oil production and
this has affected oil prices," Masoud Mirkazemi said, according to Iran's oil
ministry agency Shana.
In separate meetings late last year, OPEC agreed to cut 4.2 million barrels a
day of its output, a decision that has been largely implemented. Mirkazemi also
said high oil stocks and the depreciating U.S. dollar were other factors
impacting the price.
The statements were made after a meeting with Kuwaiti oil minister Sheikh
Ahmad Abdullah Al-Ahmad Al-Sabah in Tehran. Shana quoted Al-Sabah as saying "
non-OPEC countries, including Russia, must prevent oil prices to fall."
-By Benoit Faucon, Dow Jones Newswires; +44 77 601 777 36
(END) Dow Jones Newswires
11-22-091551ET
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