Iranian Oil Minister Gholam Hossein Nozari said on Friday it was too early to say what action OPEC might take when it meets in early December, leaving the door open for a possible production rise to cool prices. Asked if he expected OPEC to raise output at its Dec. 5 meeting in Abu Dhabi, he told Reuters, “It’s too early to say, we will look at it in December.”
Nozari was quoted earlier this week saying that oil supplies were sufficient and that more OPEC crude would not help bring down prices. On Friday he suggested that consumer nations lower fuel taxes if they wanted to ease the pain of near $100 oil.
“If they are really concerned about high oil prices affecting the economy, they have to do something about the tax level,” he said.