Iran considers political and military reasons behind oil price increase, ensures oil abundance

A prominent Iranian oil official said that oil markets have a surplus in marketed oil and that there is no reason necessitates the increase in oil production.

Iran's representative at OPEC, Hussein Kazembor, said on Sunday that there is nothing that makes it imperative for OPEC to increase production in order to reduce oil prices which reached record levels, as oil surplus in the market reached 2.8 million barrels a day.

Kazembor stressed that OPEC can do nothing towards the current situation or can produce more than what it is producing, noting that political and military reasons are behind the increase in oil prices.

Iran's representative in OPEC expected that oil process will continue increasing regardless to the basic criterion of the market ( demand and supply).

On Saturday, oil registered a record increase in New York to exceed 46 dollars per one barrel for the first time to break the record of 45.75 dollars.