News

Iran Says Rise in Production Will Not Affect Record Oil Prices

TEXT SIZE - +

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

Pope Francis incenses the faithful as he arrives to celebrate an Easter Sunday Mass in St. Peter's Square at the Vatican Sunday, April 20, 2014.

Photogallery Pope's Easter Prayer: Peace in Ukraine, Syria

Pontiff also called for an end to terrorist acts in Nigeria, violence in Iraq, and success in peace negotiations between Israelis and Palestinians More