Tehran, Dec 14, IRNA-Iranian Oil Minister Kazem Vaziri Hamaneh said supply and demand in the global oil market has become more or less balanced at the moment.
His remarks were made at Imam Khomeini International Airport Tuesday night upon his arrival from Kuwait, where he attended the 138th Organization of Petroleum Exporting Countries' (OPEC) ministerial meeting.
"Demand for oil could probably go down in the next few months causing a drop in oil prices," he added.
To avoid such a possibility, he said OPEC member states agreed in the meeting to reduce their production quota in the first quarter of 2006.
He said OPEC oil ministers backed the price of 50 dollars per barrel of oil as being "reasonable" and Iran also backed it.
Hence, he said in the meeting it was agreed to maintain OPEC's agreed production quota of 28 million barrels per day.
According to Hamaneh, participating member states of OPEC decided to postpone election of the organization's new secretary general to its next meeting.
The 138th OPEC conference opened in Kuwait City on Monday with oil ministers of the 11 OPEC member countries participating.
The conference discussed latest developments in the international oil market as well as the issue of OPEC's current production quota.
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