The Iranian representative to the Organization of Petroleum Exporting Countries (OPEC) on Sunday urged Arab countries not to increase production of crude oil in case of the EU embargo Iranian oil imports. "We can not predict the consequences (of the embargo). Thus, our Arab neighbors should not cooperate with these adventurers and should adopt prudent measures, "Mohammad Ali Khatibi was quoted as saying by Sharq newspaper.
The 27 EU member states have concluded an agreement in principle to impose an embargo against the Iranian oil sector because of the continuing program to enrich uranium. The foreign ministers of the EU, who will meet later this month, should decide on the methods to implement this measure. On Saturday, the Saudi oil minister said his country stood ready to increase production in case of an increase in demand. (Source: www.yallafinance.com )