OPEC Won't Lift Production Ceiling

The president of OPEC said Saturday that the oil cartel will not lift its production ceiling because of Iran's nuclear standoff with the West.

The Organization of the Petroleum Exporting Countries will not treat Iran's nuclear issue as an emergency case that requires an urgent response, said Edmund Daukoru, who is also Nigeria's oil minister.

The misunderstanding between Iran and Western powers was unrelated to OPEC, Daukoru added. But he said the cartel will watch closely the development of the issue.

Daukoru also said there is no need to cut output as oil prices have surged to 67 dollars per barrel.

OPEC members will hold a ministerial meeting on Tuesday to discuss production policy for the next stage.

France, Britain and Germany scrapped talks with Iran after Tehran removed seals of the International Atomic Energy Agency and resumed research on nuclear fuel earlier this month.

The three countries, together with the United States, have called for a special meeting of the IAEA Board of Governors on February 2 to discuss possible referral to the UN Security Council,which has the right to impose sanctions on Iran.