TEHRAN – Iranian Oil Minister Masoud Mirkazemi said that the Organization of the Petroleum Exporting Countries (OPEC) will not increase its crude output.
“Prices were pushed up by political crises in some countries of North Africa and the Persian Gulf, as well as due to the global economic recovery,” said Mirkazemi.
Despite the hike of crude price to over 100 U.S. dollars per barrel, extraordinary meeting is not necessary over an increase in the crude output of the organization, said Mirkazemi.
However, if OPEC member states request an extraordinary meeting, OPEC is ready to organize it shortly, said Mirkazemi, who is also currently the head of the organization.
On Friday, a barrel of light sweet crude was sold at 105.40 U.S. dollars in New York market, 20 cents down from the previous day.
