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Iranian oil production unchanged
- Iran: Sunday, May 18 - 2008 at 07:41
Iran has said it will not increase oil production. The second biggest oil producer in Opec, it said the market already has enough oil, blaming high prices instead on the weak US dollar. It accused the Saudis of capitulating to US demands to pump more oil. But Saudi Arabia has effectively snubbed US President George Bush's requests to up oil production by pumping only 300,000 barrels a day more - a tiny rise considering it already pumps over nine million barrels a day.
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StaffSunday, May 18 - 2008 at 07:41 UAE local time (GMT+4)
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