OPEC may seek new step if oil stocks rise: Iran

A senior Iranian oil official said on Sunday OPEC would need to consider a new step if a recently agreed production cut did not stem the rise in world crude stocks, according to the Oil Ministry’s official Web site.

Javad Yarjani, head of OPEC affairs at the Oil Ministry, was also quoted as saying that the third quarter of 2007 could see a strong rise in oil supply from non-OPEC states, putting pressure on demand for OPEC crude.
Khaleej Times