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18

Iran Against OPEC's Oil Price Increase

Iran is against an increase in OPEC production

Iran is against an increase in OPEC production, an official was quoted as saying Tuesday, arguing that the cartel did not have the capacity to do so, AFP reported.

"OPEC is unable to raise production," an oil ministry source was quoted a saying in national media, sticking with Iran's view that markets were being well supplied.

Iran is the world's fourth and OPEC's second crude producer, with a production level of around four million barrels a day.

Washington accuses Iran of working secretly to build nuclear weapons under cover of a nuclear energy program it is developing with Russian assistance.

Iran denies this charge and says the program is strictly for producing nuclear energy, and is refusing to comply with a Security Council demand to freeze sensitive enrichment work.