IRAN sees no need for fresh Opec cut

Iran does not expect Opec to cut production further this month provided that members comply with existing reductions and prices do not stage a big fall, Iran's Opec governor said, adding that Saudi Arabia and others agreed.

Qatar also said it did not expect Opec to change its output levels if prices hold at current levels near $60 a barrel when Opec ministers meet on March 15.

Oil prices dropped $1 to below $61 a barrel on Monday as a steep fall on Asian and European stock exchanges spilled over into commodities markets.

'If there is no strong fall in international oil prices ... and also if Opec countries continue their commitment to the previous two decisions to decrease output, it doesn't seem there will be any need to decrease the Opec output ceiling again in March,' Iran's Hossein Kazempour Ardebili told Tehran-e Emrouz daily.

'This is not only Saudi Arabia's view, but also the view of the Opec secretariat, Iran and other countries,' the Opec governor said in the interview, published on Monday. Asked about media reports that suggested Saudi Arabia and other Opec countries could be seeking to push down oil prices to help the US in its row with Iran, he said:

'I don't think Opec officials express their views based on political motivations and using oil prices as a tool to pressure Iran is not on their agenda.'

The US is at loggerheads with Iran over its nuclear plans. Washington says these are aimed at producing atomic bombs, despite Tehran's denials. Some traders say Saudi Arabia might be ready to use its ability to push down prices to pressure Iran.

A Saudi oil industry official has said the kingdom does not mix its oil and foreign policies.

'Opec decisions are decided on demand and supply in the market, and no one is pursuing such aims such as affecting the oil income of member countries, like Iran,' Kazempour said. TradeArabia