Iran questions need for OPEC to cool oil prices

TEHRAN (Reuters) – Iran’s oil minister on Wednesday questioned the need for OPEC to hike production to cool surging oil prices, snubbing calls for more crude from its Western foes, the United States and Britain.

…”Why should OPEC try to lower prices? … Let America and Britain continue demanding,” Oil Minister Gholamhossein Nozari told reporters on the sidelines of a conference in Tehran when asked about the calls from consumers for OPEC to act.


British Prime Minister Gordon Brown on Tuesday urged producers to open the taps to counter high prices, echoing a call by the United States.

Washington and London are embroiled in a row with Iran over its nuclear program, which they believe is aimed at building nuclear weapons despite Tehran’s insistence that its goal is generating electricity.

Nozari, who heads the oil industry in OPEC’s second biggest producer, described the current price as “suitable” and blamed factors like the weak U.S. dollar for the price surge.

“Oil supply is more than demand in the market but because of other factors including the U.S. dollar losing its value, the price of oil is going up,” Nozari said.

Reuters