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OPEC will not increase production: Iran

AFP
TEHRAN
Petroleumworld.com 05 12 06

Iran said Thursday that OPEC would maintain its current production level and that it would respect the cartel's policies amid a burgeoning international standoff over Iran's nuclear aims.

"OPEC will maintain its current production and the Islamic republic will respect the cartel's policies in this arena," Oil Minister Kazem Vaziri-Hamaneh told state television.

Analysts fear that any international action against Iran would disrupt its crude exports, which are the second highest in the Organization of Petroleum Exporting Countries behind Saudi Arabia's.

World oil prices have spiked as UN Security Council members consider the next step regarding Iran, which refuses to halt uranium enrichment activities despite international appeals.

Vaziri-Hamaneh has repeatedly vowed that Iran will not use oil as a political weapon against Western nations despite rising tension over its nuclear program, which Iran claims is peaceful but the United States fears is aimed at building an atomic bomb.


AFP 11 1710 GMT 05 06

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