The Organization of Petroleum Exporting Countries should adhere to its output quotas to prevent a surge in unneeded heavy crude oil hitting the market, reducing producers' income, a top oil official said Monday.
Iran's OPEC governor, Hossein Kazempour Ardebili, told the Iranian Students' News Agency that more OPEC supply will merely fill oil inventories with crudes unsuitable for refineries.
"All extra levels of crude oil sent to the market stay in the oil stockpiles, since the crude oil coming to the market now has got limited refinery demand," he said.
In the summer, refineries want light crude, which is more easily processed into gasoline, but OPEC has no more light crude capacity available, he said.
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The Organization of Petroleum Exporting Countries should adhere to its output quotas to prevent a surge in unneeded heavy crude oil hitting the market, reducing producers' income, a top oil official said Monday.
