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Iran says OPEC's Market Committee concerned over reduction in oil prices

Vienna, Sept 11, IRNA-Iranian Oil Minister Kazem Vaziri Hamaneh here Sunday expressed deep concerns on the part of member states of the supervisory Oil Market Committee of the Organization of Petroleum Exporting Countries (OPEC) over the reduction in oil prices.

Vaziri Hamaneh, who is currently in Vienna to attend the 142nd meeting of OPEC, was speaking to IRNA.

"All members of the committee are concerned over the reduction in oil prices and have made proposals and serious recommendation in this regard," he said.

The minister, however, noted that the committee can only make proposals and discuss them but has no power to make decisions.

He said the reduction in oil price by 10 dollars in the past month was not a good sign, adding that "current global market supply is high and is more than demand." Vaziri Hamaneh, who heads the committee, moreover said that OPEC "does not fix the price of oil. We only try to limit prices." The 142nd OPEC meeting is scheduled to open in Vienna, Austria, on Monday.

... Payvand News - 9/11/06 ... --

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