Iran's Kazempour says OPEC quotas will remain in force

Iran's Kazempour says OPEC quotas will remain in force

London (Platts)--10May2005


OPEC's crude output quota system will remain in force, despite remarks Monday
by the cartel's Kuwaiti president suggesting that quotas had become
irrelevant, Iran's OPEC governor Hossein Kazempour Ardebili said Tuesday.

Kazempour "made it clear that [Sheikh Ahmed] never meant to convey any changes
in the official quota system," Iran's official news agency IRNA said.
"Kazempour Ardebili stressed that there has been no decision to abandon the
existing quota. He further explained that such a decision would call for a
legal procedure which should be agreed upon by all member states of the
organization." Kazempour made the point that that non-adherence to quotas was
not the same as abandoning the quota system.

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