OPEC pumps more to cut prices

OPEC, the Organisation of Petroleum Exporting Countries, is supplying enough crude oil, and rising crude prices reflect speculation amid threats to stability in the Middle East, a senior Iranian OPEC official said.

“Price behaviour seems to be irrespective to the supply of crude oil,” Hossein Kazempour Ardebili, Iran’s OPEC governor, said by telephone.

“There are long positions of the speculators. This could only reflect concern and anxieties for the supply of crude oil.”