Iran News ...


Iran to back dlr 50 per barrel oil price, says new Oil chief

Kuwait City, Dec 12, IRNA-Iran's new Oil Minister Kazem Vaziri Hamaneh, arriving in Kuwait on Sunday night to attend the 138th conference of the Organization of Petroleum Exporting Countries, said that Iran would support the price of 50 dollars per barrel of oil.

He made the remark while talking to reporters upon his arrival at Kuwait's airport.

"The Islamic Republic backs previous agreements reached by OPEC's oil ministers and believes the organization's production level should not change at this point of time," he added.

The 138th OPEC conference opens here today attended by oil ministers of 11 member countries of the organization.

The conference is to discuss latest developments in international oil markets and decide on OPEC's production quota for the next months.

The minister expressed the hope decisions taken at this conference would help stabilize the international oil market.

... Payvand News - 12/12/05 ... --

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