OPEC to lift supply if Iran cuts oil output
ISN SECURITY WATCH (Friday, 27 January: 15.44 CET) – OPEC's acting Secretary-General Mohammed Barkindo has promised that the cartel will pump more oil if Iran cuts its output in response to international sanctions over its nuclear program.
Barkindo made the announcement in a press conference at the World Economic Forum in Davos, Switzerland, promising to expand the cartel's oil production capacity by at least 1.5-2.0 million barrels per day (bpd) by the end of the year, according to Middle East Online.
Asked how OPEC would respond to a decision by Iran to cut production, Barkindo told journalists the cartel was ready "to step in at any time when there is a shortage on the market".
Iranian Economy Minister Davoud Danesh Jafari warned last week that any move by the international community to bring sanctions against his country would lead to a "crisis in the oil sector and especially a rise in prices".
Iran, the group's second-largest oil producer, has also called for output to be cut by one million bpd from April.
Barkindo made the announcement in a press conference at the World Economic Forum in Davos, Switzerland, promising to expand the cartel's oil production capacity by at least 1.5-2.0 million barrels per day (bpd) by the end of the year, according to Middle East Online.
Asked how OPEC would respond to a decision by Iran to cut production, Barkindo told journalists the cartel was ready "to step in at any time when there is a shortage on the market".
Iranian Economy Minister Davoud Danesh Jafari warned last week that any move by the international community to bring sanctions against his country would lead to a "crisis in the oil sector and especially a rise in prices".
Iran, the group's second-largest oil producer, has also called for output to be cut by one million bpd from April.
posted by Marko at 1/27/2006 11:19:00 AM
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