TEHRAN, (UPI) — Iranian oil industry official Mohammad Ali Khatibi said hard times and over-production by three oil cartel members were responsible for falling oil prices.
The production cap set by the Organization of Petroleum Exporting Countries is 30 million barrels per day, the Islamic Republic News Agency reported Saturday.
But certain OPEC members were over-producing, Khatibi said, naming Saudi Arabia, Kuwait and the United Arab Emirates as the most flagrant quota violators.
Khatibi also blamed the economic downturn in Europe and the United States for declining oil prices.
He said the Iran sent a letter of protest concerning the quota violations to the head of OPEC, IRNA reported.