Iran: high oil prices not due to shortage

Iran's Oil Minister Seyed Kazem Vaziri-Hamaneh said about increasing OPEC production quota in order to reduce the oil price that "At present, there is no shortage of oil in the world. The increased oil price has to do with the shortage of gasoline."

He noted that OPEC dislikes abnormal price hike, given that it results in inflation and growing production cost.