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News number: 8807181616

18:17 | 2009-10-10

Economy

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Envoy Rejects IEA Claim on Iran's Non-Compliance with OPEC Quota

TEHRAN (FNA)- Iran's representative to the Organization of Petroleum Exporting Countries Mohammad Ali Khatibi on Saturday rejected a recent report by the International Energy Agency (IEA) that the country has produced in excess of its OPEC quota.



"The claim by the IEA that Iran has fulfilled only 5% of its OPEC undertaking for output cut is not true," Khatibi told FNA.

Noting that Iran presents true information and data on its produced oil to OPEC on a monthly basis, he reiterated that the information released in different media is contradictory, and that news outlets have a rough, and not a precise, estimate of Iran's production level.

The Paris-based IEA estimated in a report recently that OPEC completed 62% of its promised oil production cut in September, down from 66% in August.

Angola hasn't cut any and Iran made only 5% of its allotted reduction, the Organization alleged.

Also, Saudi Arabia, the UAE and Kuwait had the highest compliance rates in September, completing 99, 98 and 96% of their reductions, respectively.