In a statement OPEC Governor Hossein Kazempour Ardebili, himself an Iranian, said, “A possible increase of OPEC production by 1.5 million barrels per day would display the organisation’s co-operation and understanding with consumers even though OPEC is not responsible for the situation.”

“Whatever agreement is reached on raising the OPEC production ceiling, or quotas, would in practice be a formalisation of the presently available surplus in the market, fully evident in the consumer countries’ rising level of stockpiling,” added Hossein.