Saudi plans to raise oil output, Iran opposes

The report said growing oil prices would boost GCC economies and their investments in infrastructure, tourism and real estate development projects. “We also expect tremendous growth in the industrial and service sectors,” the report said.

Meanwhile, Iran today said that any move by the Saudis to raise its oil output without a consensus from fellow members of the oil cartel would be “wrong”. “If Saudi Arabia takes a measure to unilaterally increase (oil) output, it is a wrong move,” Mohammad Ali Khatibi, Iran’s new representative to Opec, was quoted as saying by the state television website. UN chief Ban Ki-Moon announced on Sunday that Saudi Arabia had told him it would increase its oil output by a further 200,000 barrels a day in July, although it was not clear if Khatibi was reacting to these comments. Saudi is also organising talks among major oil producers and consumers in the Red Sea city of Jeddah next week to discuss the current sky-rocketing prices. Iran is Opec’s number two producer.