Iran’s OPEC governor Mohammad Ali Khatibi said the organisation has a surplus capacity of four million to six million barrels of oil per day, which is keeping the price of crude down.

He said the surplus was a result of the economic crisis and that OPEC expects the oil price to reach $80 by the end of the year.

Possible restrictions on future exploration following the massive oil spill in the Gulf of Mexico, US, would also increase costs for producers, Khatibi added.