OPEC needs to drop outputs if demands decrease: Iran’s envoy

TEHRAN, (ISNA)-Iran’s OPEC governor Mohammad Ali Khatibi declared on Wednesday OPEC should drop outputs if global demands keep on declining.

Increasing crude oil will not be possible if global demands are declining where investors avoid financing projects, he told in an interview with Reuters.

He also said Iran’s crude production goes over one hundred thousand barrels of its quota.

According to the Iranian official, imposing restriction on Iran’s oil and gas industry will damage consuming and developed countries.

Such restrictions on Iran, Iraq, Libya and Sudan have decreased production capacity by 4 to 5 million barrels a day, he added.

Iran advancing oil and gas projects, is not affected by international limitations, he added.

The UN Security Council has already passed three sets of sanctions on Iran over its refusal to halt peaceful nuclear activities.

The US and some European powers have been charging Iran with producing nuclear arms; Tehran denying the allegation says the program only intends for medical and agricultural purposes.