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No need to boost oil production: Iran's Oil Minister

TEHRAN, Feb, 1 (ISNA)-Global markets are fully supplied with oil and there is no need for the Organization of the Petroleum Exporting Countries (OPEC) members to increase oil production, Iran's oil minister said.

Gholam Hussein Nozari staying in the Austrian capital Vienna to participate in the 147th meeting of OPEC members said global markets face no oil shortage now.

Possibility of expanding crude productions and global markets present conditions are among the issues to be examined in Friday meeting of the OPEC members' top officials.

Other OPEC members are in agreement with the Iranian minister and they do not seem to change their out puts in today meeting.

Oil price has cut by about 10 percent since the New Year and those countries importing oil put OPEC members under pressure to produce more oil.

Reuter's news agency reported that OPEC members are to discuss oil production policies for next months in their today visit.

... Payvand News - 02/01/08 ... --

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