MNA reported that the recent decision by the International Energy Agency to release crude from strategic petroleum reserves would unbalance the oil market.

Mr Mohammad Ali Khatibi Iran’s representative to the Organization of Petroleum Exporting Countries said that prior to making the decision the global oil market was in a stable and balanced situation. The IEA decided to release 60 million barrels of crude from strategic oil reserves over the next month.

Mr Khatibi also criticized Riyadh’s unilateral decision to increase oil output, saying the move would threaten oil price in the global market and add to its imbalance.

Previously, Mr Mohammad Aliabadi Iran's caretaker oil minister said that Tehran would strongly confront any possible move by the oil producing countries to affect market prices. Iran will continue to oppose pressure from consumer nations for an increase in OPEC's output quota.

He said that in accordance with the supply and demand situation, Iran will oppose raising OPEC's oil production quota ceiling at the next meeting.

(Sourced from MNA)