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Rise in OPEC quota not to affect global oil prices: Iran's Oil Minister

Tehran, Nov 15, IRNA - Oil Minister Gholam-Hossein Nozari said in Tehran Thursday that an increase in OPEC quota will have no impact on global oil prices.

Nozari was speaking to reporters at Tehran Mehrabad International Airport prior to his departure to Saudi Arabia to attend the OPEC Ministerial Symposium, scheduled to be held November 15-16.

"All evidences show there is adequate oil supply in international arket," he said, adding that there are many reasons behind global oil price rise including the falling value of the US dollar."

Asked why OPEC member states did not replace the USD with other currencies, he noted that OPEC members are fully authorized to sell their oil in other currencies.

He stated that fluctuating oil prices affect the poor and developing countries and called for measures to prevent harm to such states which consume more oil due to becoming gradually industrialized.

The minister said the issue of the environment is among vital topics on agenda of the Riyadh symposium, adding, "Industrial and developed countries produce the most environmental pollution which leads to global warming."

He noted that Iran and Saudi Arabia enjoy good level of cooperation at the OPEC and said, "Iran and OPEC members stress convergence in the organization."

Nozari stated that seven big industrialized countries of the world have earned 20,000 billion dollars from oil sale taxes

... Payvand News - 11/15/07 ... --

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