Iran calls for Opec members to pump less oil

TEHRAN - Organisation of Petroleum Exporting Countries (Opec) producers may opt to raise output when they meet next week due to rising political pressure, although Iran will lobby for a cut according to its Opec governor.

Iran's Hossein Kazempour Ardebili told the Sharq newspaper he wanted the group to pull production back to official quota levels.

"It is possible those who control Opec's oversupply may request a 1 million barrels per day (bpd) production increase, but members would agree to increase production by 500,000 bpd," he said.

"This request is partly based on political issues rather than economic ones."

The European Commission said on Friday it would ask Opec to raise production to ensure the security of supplies.

Saudi Arabia is the only country with significant volumes of spare capacity, but Iran, typically hawkish about prices, "will ask Opec members to go back to Opec's ratified quotas," Kazempour said.

The Opec members pumped nearly 30 million barrels per day in May, putting its 10 members with quotas nearly 500,000 bpd above their official limit of 27.5 million bpd.

Kuwait and Indonesia have said they favour letting production roll over and Venezuela has said Opec could either take no action or cut production.

- REUTERS