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OPEC’s Arab Members Must Cut Crude Output, Iran’s Khatibi Says

Arab OPEC members that boosted crude exports to make up for reduced supply from Libya need to cut production as the North African nation increases output, Iran OPEC governor Mohammad Ali Khatibi said.

Certain members should return to the production level they had prior to the Libyan crisis, in line with suggestions from the group’s Secretary-General Abdalla el-Badri, Khatibi said, without identifying the nations, according to the state-run Mehr news agency.

There is no shortage in the global oil market and the Organization of Petroleum Exporting Countries won’t need to change current quotas when it next meets on Dec. 14 in Vienna, Khatibi said, according to the report.

Iran is OPEC’s second-largest producer after Saudi Arabia and holds the group’s presidency this year. When the group last gathered on June 8, Iran and five other members rejected a Saudi proposal to raise output by 1.5 million barrels a day and the meeting ended without agreement for the first time in at least 20 years. OPEC’s Arab members are Algeria, Iraq, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab Emirates.

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