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OPEC to stay with current production levels: Iran's Oil Mininster

Tehran, April 6, IRNA -- Oil Minister Gholam-Hossein Nozari stressed in Tehran Saturday night to preserve oil price at 100 US dollars per barrel, OPEC will neither increase, nor decrease production.

Nozari made the comment at a joint press conference with OPEC Secretary General Abdullah al-Badri in Tehran, adding, "It is very unlikely that the OPEC oil minister would have another extraordinary meeting in addition to the one they recently had in Italy.

Nozari added, "OPEC plays a key role in securing the producers and the consumers rights in world oil markets and today the security of the oil market is more important for this product's consumers even than the oil prices."

Iran's Oil minister said, "Currently the real price of crude oil is some two US dollars lower than the real pprice in 1982." He added, "In the report presented to us today by Mr. al-Badri, too, this point is elaborated in details."

The Iranian Oil Minister said, "The deteriorating status of the US market in addition to affecting the world oil market has also influenced the markets of precious metals and agricultural products." Nozari added, "In comparison with the rest of the strategic goods at the international market, the increase in oil prices rank third or even fourth today."

Focusing on Tehran visit of the OPEC Secretary General, he said, "This visit is taking place in the framework of Mr. Secretary General's routine tours of the oil producing countries, that began with his visit to Qatar, and is among his defined organizational tasks, aimed at exchange of information and viewpoints among member states and OPEC management.

The Oil Minister added, "During the course of this visit OPEC Secretary General presented a report on international oil market, the price status and the future of the market to us, based on which we reached the joint conclusion that production level is satisfactory currently."

According to Nozari, al-Badri has requested Iran that keeping in mind its chairmanship of the Supervision Committee over Market Status, play a more dynamic role in the future in conducting effective consultation with producers so that OPEC members viewpoints would get closer to one another, and exerting closer supervision over the market would be easier in the future.

Persian Gulf world safest oil supplier

The Persian Gulf region is the world safest oil supplier, Nozari said. He stressed that as a powerful country in the region, "Iran plays essential role in security of the Persian Gulf."

OPEC Sec Gen says oil supply is sufficient

OPEC secretary general said oil supply into the market is sufficient and the high price of oil is not due to shortage of crude oil, but because of depreciation of the US dollar, low capacity of refining and some political tensions in the world.

Abdullah al-Badri, who arrived in Tehran on Friday for a 3-day visit and talk with Iranian oil officials told reporters on Saturday evening that his visit to Tehran is part of his his visits to the OPEC member states for exchanging information.

He said OPEC would not support very high or low prices of the crude oil and underlined, "The only source of income of the OPEC member states is crude oil, so it should have a justified price so that the oil exporting countries can implement their development programs."

OPEC secretary general continued, "While increasing oil price is not related to the shortage of oil supply and the market enjoys a stable condition, there would be no reason to hold an extraordinary session and the OPEC will hold its ordinary meeting in September." Al-Badri said OPEC members are not under any pressure by consumer countries to increase crude oil production adding currently crude oil reservation level is enough for 53 days consumption and there is no shortage in the oil market.

About possible sanctions against a number of OPEC member countries by some big consumer countries in the world, al-Badri said, "I am against any kind of sanctions against any countries, because it would not benefit consumer countries and the whole world."

... Payvand News - 04/06/08 ... --

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