Official Says Iran Committed to OPEC Crude Oil Production Quotas

Iran has always been committed to OPEC's crude production quotas, the country's OPEC governor said on Saturday, October 24.

The Mehr News Agency quoted Mohammad Ali Khatibi as saying that Iran has always been committed to crude production quotas set by OPEC and there has never been any violation by Iran in this respect.

Khatibi said reports by the International Energy Agency and other secondary sources are based on guesswork and not reliable.

The point to be noticed is that the figures reported by these sources are completely incompatible with one another.

OPEC agreed late last year to lower supply by 4.2 million barrels per day (bpd) as recession curbed fuel use and led to a slide in prices, Reuters reported.

Iran replaced the dollar with other currencies such as euro and yen in oil trading about three years ago, Khatibi said.

We took the decision in a bid to diversify the oil income currency basket. Since the dollar is becoming weaker this move has led to greater benefit for our country, he explained.

Some other countries have also replaced dollar with a currency basket but due to the political issues they are not willing to publicize their move, he added.

BBC Monitoring. Copyright BBC.