Iran enjoys the rise in oil prices, since higher revenue makes investments more profitable, Oil minister Bijan Namdar-Zanganeh said. There was no reason for OPEC members to raise production in order to reduce prices, OPEC envoy Hossein Kazempour-Ardabili said. August 15, 2004 “"Market factors under the current conditions have not played any role in pushing prices higher and political crisis and tensions have kept prices high,” oil minister Bijan Namdar Zangeneh said on Sunday in Tehran. "Currently, there are over 2.8 million barrels of oil (per day) as surplus supply in the world's stockpiles, therefore there is no reason to supply more oil, even if feasible,” the Islamic government’s envoy to OPEC Hossein Kazempour Ardabili said on Saturday. “Obviously, oil prices will have an upward trend regardless of the fundamental factors of the market, namely supply and demand,” Ardabili added. “Given the increased revenues from crude exports, hiking oil prices will be to the benefit of Iran,” Zanganeh said. “The higher the oil price, the more profitable oil industry development projects,” he added.