Iran's Oil Minister urged Saudi Arabia on Sunday to refrain from taking a hasty decision on increasing its oil production after the popular uprising in Libya.
Iran's Oil Minister Massoud Mirkazemi
Massoud Mirkazemi stressed that OPEC has not decided on holding an emergency meeting to discuss the production increase, adding that Saudi Arabia should avoid taking any hasty decision on increasing its production.
"Saudi Arabia should avoid taking any such decision independently, because there is no need to increase production," Mirkazemi said.
Oil prices LCOc1 have surged toward $120 a barrel because of the unrest and disruption to supply in Libya. Refineries in Europe import about 80 percent of Libya's 1.3 million barrels per day (bpd) of exports, analysts say.
On Thursday, top world oil exporter Saudi Arabia said it was in talks with European companies affected by the disruption in Libyan supply and was willing and able to plug any gaps in supply.
The Saudi sources said Saudi Arabia was able to pump more of the kind of high-quality crude produced by OPEC member Libya and that it could be shipped quickly to Europe with the help of a pipeline that crosses the kingdom.
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