TEHRAN, June 25 (Mehr News Agency) -- Iran's representative to the Organization of Petroleum Exporting Countries (OPEC) said on Monday that Iran has the capacity to produce over 4.2 million barrels of oil per day.
"Iran has the capacity to increase its oil production to 4.25 million barrels per day," Hossein Kazempur Ardebili told the Mehr News Agency.
According to the quota set by OPEC, Iran is already producing 3.9 million barrels of oil per day, which can be increased to the stated figure, Kazempur Ardebili said.
In recent months, OPEC has lowered its total production by about 1.7 million barrels, which has automatically affected OPEC members' quotas, he explained.
On the steady rise in oil prices, he said, "OPEC strictly observes supply and demand in the oil market."
In other words, the oil price is not affected by OPEC because OPEC always tries to ensure that supply exceeds demand, he added.
... Payvand News - 6/26/07 ... --