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FINANCIAL NEWS
Iran to ask Opec members to resume pre-Libya war oil output
12 Nov 2011
(MENAFN) Iran’s Oil Ministry said that the country would ask members of the Organization of Petroleum Exporting Countries (Opec) to return their oil production to pre-Libya war levels, reported Gulf News.
The ministry added that during Opec’s June meeting, Iran resisted a move by Saudi in order to increase Opec quotas intended to offset the shortfall in oil supplies that occurred due to the Libyan conflict.
It also said that since Libya resumed its oil output, Saudi and other Opec members lowered their oil supply which reduced the organization’s overall oil production for the second straight month.
It is worth noting that members of Opec will held their next meeting mid-December in order to set output policy.
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