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Iran hints at oil production boost

  • Story Highlights
  • Gholam Hossein Nozari dismissed possibility of prices moving to $170 or $200
  • Iran is OPEC's second-largest producer, with allocation of 4.1 million barrels a day
  • Saudi Arabian Oil Minister said his country would raise its crude oil production
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By CNN Correspondent Charles Hodson
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MADRID, Spain (CNN) -- Iran Wednesday hinted at a possible increase in its production of crude oil to stabilize prices as they hovered above $140 a barrel.

Speaking as he prepared to deliver a briefing on his country's oil industry at the World Petroleum Congress in Madrid, Gholam Hossein Nozari dismissed the possibility of prices moving to $170 or even $200 a barrel. "We can control," he told CNN.

Asked what Iran would do to control prices, he replied "By the supply, the market."

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Iran is OPEC's second-largest producer, with a current official allocation of 4.1 million barrels a day. Saudi Arabia is the largest producer in the oil producers' cartel, with an allocation of 9.1 million barrels a day, but has announced it is hiking production to 9.7 million.

Tuesday, Saudi Arabian Oil Minister Ali al-Naimi said his country would raise its crude oil production again only if demand rises beyond the extra half-million barrels a day it pledged to start pumping in June.

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