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Jul 04 2011

Iran: using strategic petroleum reserves will disturb oil market balance

Tehran, July 4, IRNA - OPEC 's latest decision to release crude from Strategic Petroleum Reserves would damage balance in oil market, Iran's representative to OPEC 's governor board said Monday.Mohammad-Ali Khatibi made the remarks while commenting on the latest decision made by member states of the Organization of Petroleum Exporting Countries (OPEC) for releasing crude from Strategic Petroleum Reserves.
The decision was made during their latest meeting in Vienna on June 8.
According to Khatibi, prior to making the decision, the global oil market was in a stable and balanced situation.
In the immediate aftermath of the June 8 Vienna talks, a newspaper, citing senior OPEC officials, reported that Saudi Arabia planned to boost output to 10 million barrels a day in July, the highest level in more than two decades.
Criticizing Riyadh's decision, Khatibi said the move would threaten oil price in the global market and add to its imbalance.

© IRNA 2011

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