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Iran's Oil minister: Tehran looking for way to stabilize oil market

Vienna, Sept 19, IRNA-Caretaker of Iran's oil ministry Kazem Vaziri Hamaneh said in Vienna on Monday that Tehran is striving to find a way for market stability and adjustment.

Hamaneh told reporters on the sidelines of the 137th OPEC ministerial meeting that Iran would hold consultations with other OPEC members at the meeting in an attempt to find a market stabilizing mechanism.

He said that as caretaker of Iran's oil ministry he would try to fulfill his responsibilities in the best possible manner and materialize wishes of the Iranian government.

He added that in the OPEC too, he will try to forge closer ties between the consumers and producers.

Hamaneh said the supply is in a favorable condition and the main problem with the market is shortage of oil derivatives and not the crude supply.

Though being a crude producer, Iran wants a long-term increase in its refining capacity with respect to the present conditions governing the market.

The 137th OPEC ministerial meeting is to be held behind closed doors Monday afternoon.

The 11-member OPEC meeting is to focus on price levels over the past two months, increase of at least 500,000 bpd in the OPEC official production ceiling of more than 28 million bpd, the quotas of the members, supply and demand and prices in the first quarter of 2006.

... Payvand News - 9/19/05 ... --

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