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Iran: Oil price hike not linked to OPEC
Sat, 27 Oct 2007 21:18:46
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Iran's caretaker Oil Minister Gholamhossein Nozari
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Iran's caretaker oil minister says that the recent surge in oil prices does not have any link to crude oil supplies and OPEC is not to blame.
"There is no problem regarding supply. OPEC is producing at full capacity", said Iran's caretaker Oil Minister Gholamhossein Nozari.
"OPEC is not to blame. The West should not look to OPEC explanations for oil price rise," he added.
Iran and some other OPEC ministers have agreed world oil markets were well supplied. They say prices have been driven by other factors, such as tensions in the Middle East, Reuters reports.
Oil prices rose to a record high of above $92 a barrel on Friday as the tumbling dollar and Nigerian output disruptions helped drove prices up nearly 30 percent since August.
HJF/JC/RA
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