OPEC cannot allow an oil price war and must take action to stabilise the crude market soon, Venezuelan oil minister Eulogio del Pino said on Sunday.
"OPEC has to do something very soon ... We don't agree with the position that says the market some way is going to dictate the price of crude oil. We don't agree with that position of Saudi Arabia," del Pino said on the sidelines of the Gas Exporting Countries Forum (GECF) Summit in Tehran. "Iran is announcing its production is going to increase as soon as they lift the sanctions and we need to do something. We (OPEC) cannot allow going into a war of prices. We need to stabilise the market."