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Page added on December 11, 2011
Iran Wants OPEC to Adjust Output for Increased Libya, Iraq Oil
Iran’s Oil Minister Rostam Qasemi said some OPEC members should curtail output to accommodate the return of Libyan crude to markets and an increase in Iraqi production, the state-run Mehr news agency reported.
Iran will suggest at the planned Dec. 14 meeting of the Organization of Petroleum Exporting Countries that members of the group that boosted output this year in the absence of Libyan exports should scale back production, Qasemi said, according to Mehr. Iran, OPEC’s second-largest producer after Saudi Arabia opposes increasing output and is seeking “fair” crude prices, the minister said, according to the report.
The comments reiterate a position Qasemi, who is also OPEC’s president this year, expressed in a Nov. 11 report on the Tehran-based ministry’s website. Saudi Arabia raised its output by about 1.3 million barrels a day between March and August to help offset the loss of exports from Libya during the uprising against Muammar Qaddafi. Kuwait and the United Arab Emirates also augmented output.
Libya pumped 500,000 barrels a day on average in November, according to data compiled by Bloomberg. Iraq, the group’s third-largest producer, pumped 2.71 million barrels a day last month, the data show. OPEC supplies about 40 percent of the world’s crude.
3 Comments on "Iran Wants OPEC to Adjust Output for Increased Libya, Iraq Oil"
MrEnergyCzar on Mon, 12th Dec 2011 5:27 am
Looks like Iran needs more money… I wonder why?
MrEnergyCzar
BillT on Mon, 12th Dec 2011 3:11 pm
Perhaps the oil exporting countries are getting smart and realizing that they have the West by the balls? They also know that they can get it as long as China and India are selling more cars than the US. If only we had been smart when we realized that our oil was depleting in the 60’s. We gave it away for less than $20 per barrel in today’s dollars. The Iranians are not as stupid.
Kenz300 on Tue, 13th Dec 2011 2:02 pm
Cheap oil was the fuel that propelled growth in the world economy over the last 30 years. The era of cheap oil is over and the growth has slowed to a crawl. Rising oil prices have the effect of chocking off growth. The world is in the process of adjusting to higher oil prices and limited supplies. Individuals, business and governments need to develop plans for greater energy self sufficiency. It will impact all our lives.