18 May '11, 5pm

Ahmadinejad at OPEC will hamper output increase

LONDON/TEHRAN (Reuters) - Iranian President Mahmoud Ahmadinejad's plan to attend an OPEC meeting next month is likely to hamper any move by Saudi Arabia to raise the group's oil output targets and bring crude prices down. Ahmadinejad will attend the next meeting of the Organization of the Petroleum Exporting Countries set for June 8 in Vienna, the semi-official Fars news agency quoted a senior official as saying on Wednesday. Iran is OPEC's second-largest producer, the holder of its rotating presidency in 2011 and in the midst of a dispute with the West over its nuclear work. It is often OPEC's leading advocate of higher prices, in contrast to the more moderate stance of top producer Saudi Arabia. "The news that Ahmedinejad is coming to OPEC is likely to fill the U.S. with dread as gasoline approaches $4 per gallon," said IHS Energy senior analyst Samuel Ciszuk. "He might ...

Full article: http://sg.news.yahoo.com/irans-ahmadinejad-head-next-opec...

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