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Iran warns against too much oil

The National -- Iran has warned of a worsening oil glut and predicts OPEC will urge its members to comply with their production quotas when its ministers meet on Wednesday.

The second-biggest OPEC producer also said there was no need for the group to revise output targets that had remained unchanged since December 2008.

“If the current oil production continues, the oil market will face an oversupply in the second half of 2010,” Mohammed Ali Khatibi, the country’s OPEC governor, said in remarks reported yesterday on the Iranian oil ministry website SHANA. “OPEC will ask its members to comply with their quotas until the economic crisis is over.”

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Submitted Mar 14, 2010 By: sphere68

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MINER Champion Author Pittsburgh Posts:8,442 Points:2,472,170 Joined:Jul 2002	Message Posted: Mar 14, 2010 5:48:08 PM Ignore MINER Report Abuse Yeah, we wouldn't want to see a lot of crude laying around there would we.
oldiesman Champion Author New York Posts:1,667 Points:1,264,185 Joined:May 2006	Message Posted: Mar 14, 2010 5:46:54 PM Ignore oldiesman Report Abuse we will see what happens
bad_sailor Champion Author London Posts:2,989 Points:726,105 Joined:Dec 2007	Message Posted: Mar 14, 2010 5:46:10 PM Ignore bad_sailor Report Abuse No worries. Any glut of oil will not have any downward effect on the price. Greed is totally in control.
ladyaglow Veteran Author Atlanta Posts:299 Points:158,050 Joined:Jun 2009	Message Posted: Mar 14, 2010 5:42:49 PM Ignore ladyaglow Report Abuse Yeah. Drill baby drill.
badbonita Champion Author Syracuse Posts:1,213 Points:377,445 Joined:Jul 2008	Message Posted: Mar 14, 2010 5:38:39 PM Ignore badbonita Report Abuse T U.S. conserves and creates a glut so that Iran and the UAE can sell more oil to China
minnesotagirl Champion Author Milwaukee Posts:1,177 Points:288,115 Joined:Oct 2009	Message Posted: Mar 14, 2010 5:34:23 PM Ignore minnesotagirl Report Abuse Conserve and drill here so that OPEC, and especially Iran, have less money to carry out their anti U.S. policies
MUSTANGSRUS Champion Author Ontario Posts:4,743 Points:1,001,895 Joined:Sep 2006	Message Posted: Mar 14, 2010 5:31:34 PM Ignore MUSTANGSRUS Report Abuse Well, if oil production declines, exports of refined products to Iran should be double that. I understand that they have little refining capacity. Tough.
sphere68 Sophomore Author KW Posts:128 Points:127,305 Joined:Dec 2009	Message Posted: Mar 14, 2010 5:28:25 PM Ignore sphere68 Report Abuse Even though you may not care about what they want, Iran is a major oil exporter (4th in the world I think), and had the third largest oil reserves in the world. They are a major player. [Edited by: sphere68 at 3/14/2010 5:29:49 PM EST]
pdcarver Champion Author San Diego Posts:1,284 Points:245,595 Joined:Sep 2009	Message Posted: Mar 14, 2010 5:28:21 PM Ignore pdcarver Report Abuse Bomb there bomb now. Drill here drill now.
ops3 Champion Author Cincinnati Posts:1,229 Points:737,025 Joined:Dec 2007	Message Posted: Mar 14, 2010 5:27:31 PM Ignore ops3 Report Abuse Let's warn them about a nuclear glut!
heysailor Champion Author Pittsburgh Posts:4,670 Points:1,359,070 Joined:Mar 2006	Message Posted: Mar 14, 2010 5:23:53 PM Ignore heysailor Report Abuse Iran - always watching out for everyone else's best interest.
Jo120 Champion Author Arizona Posts:3,464 Points:1,313,955 Joined:Mar 2005	Message Posted: Mar 14, 2010 5:22:46 PM Ignore Jo120 Report Abuse They never adhere to quotas...
Load Champion Author Wyoming Posts:10,639 Points:2,018,710 Joined:Oct 2003	Message Posted: Mar 14, 2010 5:21:58 PM Ignore Load Report Abuse who cares about what Iran says and why even print it?
billy44bo Champion Author Mobile Posts:3,292 Points:622,105 Joined:Feb 2008	Message Posted: Mar 14, 2010 5:20:37 PM Ignore billy44bo Report Abuse Drill here and Drill Now. lets keep our money here and only give opec the BIG finger
davmoo Champion Author Indiana Posts:1,091 Points:1,989,390 Joined:May 2004	Message Posted: Mar 14, 2010 5:17:43 PM Ignore davmoo Report Abuse OPEC hasn't been relevant for at least 5 years now.
fightbigoil71 Champion Author Milwaukee Posts:2,790 Points:595,110 Joined:Nov 2008	Message Posted: Mar 14, 2010 5:14:32 PM Ignore fightbigoil71 Report Abuse It's past time for OPEC to die a painful death.
midnightsdc Sophomore Author Ontario Posts:112 Points:727,765 Joined:Jan 2007	Message Posted: Mar 14, 2010 5:12:52 PM Ignore midnightsdc Report Abuse Lot's of oil out there.....not like the shortages they used to talk about. Let's use less and make them really Squirm...LOL
georgeo Champion Author California Posts:2,516 Points:102,610 Joined:May 2009	Message Posted: Mar 14, 2010 5:09:08 PM Ignore georgeo Report Abuse You can't have too much oil.
afghaned Champion Author Hamilton Posts:4,381 Points:312,775 Joined:May 2004	Message Posted: Mar 14, 2010 5:07:32 PM Ignore afghaned Report Abuse Iran is always saying the same thing. We should embargo Iran so they can eat their oil if they don't give up the nuclear program!!!!
PissedCanuck Champion Author Toronto Posts:3,832 Points:820,385 Joined:Nov 2006	Message Posted: Mar 14, 2010 5:07:00 PM Ignore PissedCanuck Report Abuse Who cares about what Iran wants. OPEC is governed by the Saudis and what they say goes.
ChuckGVT Champion Author Vermont Posts:2,116 Points:735,445 Joined:Apr 2008	Message Posted: Mar 14, 2010 5:03:24 PM Ignore ChuckGVT Report Abuse They never adhere to quotas.
DarthDadJr Champion Author Virginia Posts:3,343 Points:646,885 Joined:Jul 2008	Message Posted: Mar 14, 2010 5:00:46 PM Ignore DarthDadJr Report Abuse I don't think any of them will adhere to the quotas...the price isn't low and they are making good money selling at this price.
kidrockTX Champion Author Fort Worth Posts:3,854 Points:508,370 Joined:Sep 2008	Message Posted: Mar 14, 2010 5:00:43 PM Ignore kidrockTX Report Abuse i do not care about iran
jarrjazz1 Champion Author British Columbia Posts:2,189 Points:446,240 Joined:Sep 2008	Message Posted: Mar 14, 2010 5:00:43 PM Ignore jarrjazz1 Report Abuse keep conserving!
SpaceAce5 Veteran Author South Dakota Posts:300 Points:66,245 Joined:Feb 2010	Message Posted: Mar 14, 2010 5:00:22 PM Ignore SpaceAce5 Report Abuse i agree with Bozo
bozo All-Star Author Boston Posts:946 Points:1,333,200 Joined:Feb 2003	Message Posted: Mar 14, 2010 4:55:36 PM Ignore bozo Report Abuse most americans don't care what iran wants.