Too expensive crude oil does increase revenues of the Organization of the Petroleum Exporting Countries (OPEC) but would ultimately damage their economies because the rivals will increase output at high oil prices, Iranian Minister of Petroleum Bijan Zangeneh said.

In the time with the cap on oil output of OPEC and non-OPEC producers, price per barrel for Iran’s light crude has reached the record high level of 53 dollars.

South Korea’s intake of Iranian crude oil soared to a record high in March and its first-quarter crude imports from Iran nearly doubled on year, reflecting Tehran’s efforts to raise output after the lifting of sanctions early last year, Reuters reported.