TEHRAN, June 17: Iran said on Tuesday it would be opposed to any move by OPEC kingpin Saudi Arabia to raise its oil output without a consensus from fellow members of the oil cartel.

“If Saudi Arabia takes a measure to unilaterally increase (oil) output, it is a wrong move,” Mohammad Ali Khatibi, Iran’s new representative to OPEC, was quoted as saying by the state television.

UN chief Ban Ki-moon announced on Sunday that Saudi Arabia had told him it would increase its oil output by a further 200,000 barrels a day in July, although it was not clear if Khatibi was reacting to these comments.

Saudi Arabia is also organising talks among major oil producers and consumers in Jeddah next week to discuss the current sky-rocketing prices.

Iran is OPEC’s number two producer, behind the Saudis, and has consistently argued that the high oil price has nothing to do with market fundamentals and OPEC’s output should not be increased.

“Any increase in production should be approved in the meeting of the organisation’s ministers,” Khatibi stressed.—AFP

Opinion

Editorial

Stirring trouble
Updated 08 Dec, 2024

Stirring trouble

The demands put forth this time are simple and doable at little political cost.
Unfairness in cricket
08 Dec, 2024

Unfairness in cricket

HOPES that cricketing ties between Pakistan and India would be strengthened by the latter team’s visit across the...
Syria rebel advance
08 Dec, 2024

Syria rebel advance

CITY after city in Syria is falling into rebel hands as Bashar al-Assad’s government looks increasingly vulnerable...
Threat perception
Updated 07 Dec, 2024

Threat perception

Despite clear proof of the threat posed by malign armed actors, the military and civilian leadership prefers to focus on political opponents.
Humanity at risk
07 Dec, 2024

Humanity at risk

HUMAN trafficking continues to remain an area where the state has utterly failed its citizens. While global...
Banks and larger goals
07 Dec, 2024

Banks and larger goals

THAT banks in Pakistan “prioritise profit over purpose” and promote financial products with limited knowledge of...