TEHRAN, Aug 2 (Reuters) - Iran's oil minister warned on Saturday that OPEC members which have raised output 'must bring it under control' if oil prices fall further, an official news agency reported.
Oil Minister Gholamhossein Nozari appeared to be referring to any countries which are producing above their OPEC quotas but did not mention any of the cartel's 13 members by name.
Top exporter Saudi Arabia, which has consistently pledged to keep the market well supplied, has been pumping above its formal quota. Its output was 9.7 million barrels per day in July, the highest rate since 1981.
Nozari said OPEC would discuss 'observance of quotas' at its September meeting if the oil price continued to drop, following a slide from its July peak, IRNA said.
'OPEC as the body responsible for market control will have to pay increased attention to observance of quotas and I think OPEC will pay special attention to this issue,' Nozari said.
'In the event of a continued drop in the price of oil, one of the serious discussions in OPEC's coming gathering will be observance of quotas in a way that countries which have raised production must bring it under control,' he said.
U.S. crude <CLc1> rose $1.02 to settle at $125.10 a barrel on Friday after Israel warned that Iran was on the verge of a breakthrough in its nuclear programme, stirring concerns of a potential confrontation that could disrupt supply.
But the price is still well below a peak above $147 a barrel on July 11, as concerns about the health of the economy of the United States and other large energy consuming nations have dragged prices down.
Iran, a price hawk in the Organisation of the Petroleuum Exporting Countries (OPEC), has repeatedly said the market is sufficiently supplied with oil and has blamed a weak dollar and geopolitical factors for the rising oil price in recent years.
On July 22, Nozari said there would be no need to call for a cut in OPEC oil output when the group meets in September because winter would by then be approaching. Iran is the world's fourth-largest oil producer.
(Reporting by Hashem Kalantari; Writing by Fredrik Dahl; Editing by Ron Askew) tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Oil Minister Gholamhossein Nozari appeared to be referring to any countries which are producing above their OPEC quotas but did not mention any of the cartel's 13 members by name.
Top exporter Saudi Arabia, which has consistently pledged to keep the market well supplied, has been pumping above its formal quota. Its output was 9.7 million barrels per day in July, the highest rate since 1981.
Nozari said OPEC would discuss 'observance of quotas' at its September meeting if the oil price continued to drop, following a slide from its July peak, IRNA said.
'OPEC as the body responsible for market control will have to pay increased attention to observance of quotas and I think OPEC will pay special attention to this issue,' Nozari said.
'In the event of a continued drop in the price of oil, one of the serious discussions in OPEC's coming gathering will be observance of quotas in a way that countries which have raised production must bring it under control,' he said.
U.S. crude <CLc1> rose $1.02 to settle at $125.10 a barrel on Friday after Israel warned that Iran was on the verge of a breakthrough in its nuclear programme, stirring concerns of a potential confrontation that could disrupt supply.
But the price is still well below a peak above $147 a barrel on July 11, as concerns about the health of the economy of the United States and other large energy consuming nations have dragged prices down.
Iran, a price hawk in the Organisation of the Petroleuum Exporting Countries (OPEC), has repeatedly said the market is sufficiently supplied with oil and has blamed a weak dollar and geopolitical factors for the rising oil price in recent years.
On July 22, Nozari said there would be no need to call for a cut in OPEC oil output when the group meets in September because winter would by then be approaching. Iran is the world's fourth-largest oil producer.
(Reporting by Hashem Kalantari; Writing by Fredrik Dahl; Editing by Ron Askew) tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.