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Saudis Fail to Achieve Objectives in OPEC Meeting

Service : Economy
TEHRAN, June 11 (ICANA) – The newly appointed caretaker of the Iranian Oil Ministry, Mohammad Ali Abadi, said that Saudi Arabia and its allies failed to force petroleum exporting countries to increase oil output during the OPEC ministerial meeting in Vienna, Austria.
Saturday, June 11, 2011 5:14:29 PM
Saudis Fail to Achieve Objectives in OPEC Meeting

Speaking to FNA, Ali Abadi, who presided over the Organization of Petroleum-Exporting Countries (OPEC) ministerial meeting held on June 8 in the Austrian capital, Vienna, said that Iran managed to thwart efforts by Saudi Arabia to increase the OPEC oil output during the 150th meeting of the oil exporting bloc.

The Iranian caretaker oil minister said that Saudi Arabia has a history in supporting oil output rise, adding that "apparently, two or three weeks ahead of the OPEC meeting, (US President) Mr. (Barack) Obama" asked oil industry insiders to help lower oil prices.

Ali Abadi pointed out that some countries act against their own national interests and seek to sacrifice other states' as well, but the Islamic Republic would defend its interests.

The Iranian official explained that such moves made the latest OPEC meeting difficult for those members who sought a spike in oil production.

"It was very bad and difficult for them (Saudi Arabia), they who wanted to come and not just add 1.5 million barrels but to increase [oil production] by 2.85 million barrels" per day, Ali Abadi stated.

The OPEC president further noted that for the first time many countries stood up to Saudi's measure except for the United Arab Emirates and Kuwait that later refrained from entering talks.

He also said that Iran, Venezuela and Algeria and some other countries opposed the Saudi move which was under the Western influence.

"I finally proposed to postpone a motion… by some three months and announce that a final decision will be made in three months as the OPEC has not reached a decision," Ali Abadi said, adding that after the interval the bloc could meet and decide based on market reactions.

He added that Saudi Arabia and its allies opposed the ruling and urged a rise in the OPEC output, threatening to unilaterally increase their quota.

It showed they had set their minds on an increase beforehand, regardless of the OPEC meeting's outcome, Ali Abadi concluded.

After ministers were unable to reach consensus to raise crude production, OPEC has decided to maintain output levels, with the option of meeting within the next three months for a possible production hike.

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