Badli said that the market has enough oil at the moment, and OPEC does not need to change its production policy nowadays.
In his speech, Badli blamed the most recent high oil prices on "the economic downturn in the United States, the lack of refining capacity, and the depreciation of the dollar." As investors' sentiment was affected by the weak dollar, tight energy supply, and more bad news about the U.S. economy, oil prices once again reached $106 per barrel on the New York Mercantile Exchange.
Badli made the above remarks at a joint press conference with Iran’s oil minister Gullam Hussein Núzhari. He said that the world’s oil stocks are sufficient for 53 days, and this figure shows that there is no lack of oil in the market.
OPEC had said last month that the price of the group’s crude oil package broke the $100 per barrel mark for the first time.
However, Iran, the second largest member of OPEC’s oil production, also strongly supports the maintenance of the current maximum level of oil production of the organization. Nuzhary said that with the oil price exceeding US$100 per barrel, OPEC will not have to increase or reduce its oil production.
Earlier, President Bush demanded that OPEC and Saudi Arabia increase oil production to curb rising oil prices. However, OPEC, whose oil production accounted for 40% of the world’s total oil production, was confrontationally decided at the last member oil minister’s meeting held in March this year to maintain its daily oil production at 29.67 million barrels.
Badli said: "No one can put OPEC under pressure because we make decisions based on our interests."
Badli also said that OPEC will not be able to hold a special meeting before the formal meeting in September.
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