News

Iran Says Rise in Production Will Not Affect Record Oil Prices

Iran says a rise in oil production by OPEC as requested by the United States will not affect record prices in a market already saturated with oil.

Iranian Oil Minister Gholam Hossein Nozari told reporters Saturday in Tehran that increasing production will only increase oil inventories.

On Friday, Saudi Arabia rejected a request by U.S. President George Bush for Riyadh to raise oil production in hopes of controlling soaring gas prices.

Iran is OPEC's second largest oil producer after Saudi Arabia.

Oil prices reached a record high of nearly $128 per barrel Friday.

Some information for this report was provided by AFP and Reuters.

 

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Feature Story

Turkish Kurds warm themselves around an open fire as they watch the Syrian town of Kobani, near the Mursitpinar border crossing, on the Turkish-Syrian border in the southeastern town of Suruc, Turkey, Oct. 21, 2014.

Photogallery Syrian Kurds Push Back on Turkish Plan

Ankara plan is to allow Peshmerga forces from northern Iraq to transit Turkish territory to enter besieged Syrian border town of Kobani to help in its defense More

Special Reports