OPEC dismisses Iran oil ban

The Organization of Petroleum Exporting Countries has dismissed threats from Iran for an oil boycott.

Iran's supreme leader Ayatollah Ali Khamenei had called for a one-month suspension of oil exports to the West and countries with relations with Israel.

"An oil embargo goes against the basic and primary objective of OPEC, which is stability of the market and security of oil supplies," OPEC Secretary General Ali Rodriguez said through his spokesman.

Earlier, an OPEC source said: "As far as the organization is concerned there are no talks of an oil embargo."

Mr Rodriguez confirmed this, saying: "OPEC has not received anything official from any country, Iran, Iraq, or any member country. We only rely on what we have heard on the news wires. Nothing has been submitted to the organisation regarding this proposal.

"The oil embargo which was imposed back in the 1970s was not the work of OPEC, it was organised by the Organisation of Arab Oil Exporting Countries," Rodriguez said.

"The organisation is not going either to meet before June 26 or to increase production," Rodriguez said in response to speculation OPEC will raise its output to stem surging prices.