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Iran says oil output hike would not affect prices
0 Comments | AFP, June, 2008
TEHRAN (AFP) — Major crude oil producer Iran said on Friday that increased oil output would not affect skyrocketing prices after a statement by Saudi Arabia revealed that the kingdom would pump more crude to market.
"Increases oil production does not have such an impact that it would decrease prices because enough oil exists in the global market," Iranian Oil Minister Gholam Hossein Nozari was quoted as saying by the Mehr news agency.
"Just compare 300,000 (barrels per day) with about 86 million (bpd), which are the market's need! What would be the effect?" Nozari asked rhetorically.
A statement posted on Thursday on the website of the Saudi embassy in London said the kingdom would boost its daily oil output by 200,000 barrels.
The statement was...
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