Iran takes credit for OPEC decisions

TEHRAN, June 13 (UPI) -- Tehran derailed efforts by officials from Saudi Arabia to increase OPEC oil production quotas at last week's meeting in Vienna, the oil minister said.

Members of the Organization of the Petroleum Exporting Countries ignored economic warnings and kept production quotas set in 2008 in place. Economists warn higher energy prices could take stall the post-recession market.

Mohammed Aliabadi, Iran's caretaker oil minister, said "apparently" Washington pressured industry leaders in the oil sector to help bring energy prices down, the semiofficial Fars News Agency reports. He added that Saudi officials are notorious for supporting increased production quotas.

Saudi Arabia suggested it would move unilaterally to increase oil production.

Tehran, Aliababi said, managed to thwart Saudi Arabia's latest efforts to get OPEC to increase production, adds Fars. Iran holds the rotating presidency at OPEC.

An increase would have been the first since the global financial meltdown pushed oil prices to less than $50 per barrel in 2008.

OPEC officials said member states wanted three months to consider the quota issue.