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Iranian Oil Official:
Blaming OPEC for High Prices Is Unprofessional

16:59 (Saturday, May 24, 2008)
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TEHRAN (PIN) – Seeking to Place the blame for high prices on the shoulders of OPEC is completely inexpert and for misleading the public, a senior Iranian oil official said.

Speaking to PIN, the international affairs director of the National Iranian Oil Company, Hojatollah Ghanimifard, asserted a recent bill passed by US"s House of Representatives in placing the blame for high prices on the shoulders of OPEC and formulation of some regulations against the organization is to mislead the public minds.

he also cited experts believe speculators bear responsibility for record high oil prices.

He continued: "OPEC"s output is at the highest level compared to the years ago and regarding the growing prices, the oil consumers" strategic reserves level particularly in US has been increased within the recent years. So blaming OPEC for high oil prices is completely unfair and unprofessional and refers to the US economy suffering from worse trouble.

This is happening as many oil-producing countries which generally rely on the single-product economy and need a great deal of goods and services importations to be alive, were hit hard from the increase in the prices, Ghanimifard pointed out.

The international affairs director of the NIOC went on to say that the economic indexes including inflation rate, unemployment rate, etc. in these countries show the matter.

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