facebook
twitter
rss
account
search
search
 

Iran points out OPEC quota violators

June 9, 2012 at 8:56 AM   |   Comments

TEHRAN, June 9 (UPI) -- Iranian oil industry official Mohammad Ali Khatibi said hard times and over-production by three oil cartel members were responsible for falling oil prices.

The production cap set by the Organization of Petroleum Exporting Countries is 30 million barrels per day, the Islamic Republic News Agency reported Saturday.

But certain OPEC members were over-producing, Khatibi said, naming Saudi Arabia, Kuwait and the United Arab Emirates as the most flagrant quota violators.

Khatibi also blamed the economic downturn in Europe and the United States for declining oil prices.

He said the Iran sent a letter of protest concerning the quota violations to the head of OPEC, IRNA reported.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
Trending News
Video
x
Feedback