DAR AL HARB/ISLAM: ON BEHALF OF OPEC, IRAN SAYS SUPPLIES OF CRUDE WILL NOT BE INCREASED

Iran says OPEC won’t increase oil

KUALA LUMPUR, Malaysia (AP) - OPEC has no plans to release more oil into the market ahead of its next policy meeting in September, Iran’s oil minister said today.

There is adequate crude oil in the market, and commercial oil inventories are at a high level, Iranian Minister of Petroleum Kazem Vaziri Hamaneh told reporters on the sideline of a regional oil and gas conference here.

"There is sufficient crude oil in the market. There is no shortage of crude oil," he said when asked if Organization of Petroleum Exporting Countries should raise supplies to the market to ease high oil prices. "Commercial oil stocks are at a very high level, at a comfortable level. The reason for the price hike is not the level of the crude oil stocks. It’s not that problem."

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1) Iran says OPEC won’t increase oil