By IRNA
Tehran : OPEC secretary general said oil supply into the market is sufficient and the high price of oil is not due to shortage of crude oil, but because of depreciation of the US dollar, low capacity of refining and some political tensions in the world.
Abdullah al-Badri, who arrived in Tehran on Friday for a 3-day visit and talk with Iranian oil officials told reporters on Saturday evening that his visit to Tehran is part of his his visits to the OPEC member states for exchanging information.
He said OPEC would not support very high or low prices of the crude oil and underlined, “The only source of income of the OPEC member states is crude oil, so it should have a justified price so that the oil exporting countries can implement their development programs.”
OPEC secretary general continued, “While increasing oil price is not related to the shortage of oil supply and the market enjoys a stable condition, there would be no reason to hold an extraordinary session and the OPEC will hold its ordinary meeting in September.” Al-Badri said OPEC members are not under any pressure by consumer countries to increase crude oil production adding currently crude oil reservation level is enough for 53 days consumption and there is no shortage in the oil market.
About possible sanctions against a number of OPEC member countries by some big consumer countries in the world, al-Badri said, “I am against any kind of sanctions against any countries, because it would not benefit consumer countries and the whole world.”