Investing.com – Oil prices continued to climb on Monday as an Iranian official said Saudi Arabia and Russia lack the capacity to add more oil to the market.
West Texas Crude oil futures for November rose 1.96% to $72.17 a barrel as of 10:49 AM ET (14:49 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., increased 2.21% to an almost four-year-high of $79.97.
Iran’s Organization of the Petroleum Exporting Countries (OPEC) governor, Hossein Kazempour Ardebili, told Reuters that Russia and Saudi Arabia are unable to increase production.
“They are doing little and late, to get prices higher,” he said. “They got prices higher and they are going to get them higher still.”
“There is no spare capacity. They cannot deliver the extra capacity that they claim.”