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Oil minister says plan needed for oil market

Vienna, Sept 8, IRNA - Iran's oil minister said here Monday it is necessary to draw a plan for oil market in the first quarter of the next year.

Gholam Hossein Nozari told IRNA, "As a responsible member for supervision on market, we expect all OPEC members to produce upon their quota and control the supply into the market."

If current production trend continues, we will face 1.5 million barrels oversupply in the first quarter of the year 2009, Nozari added.

This amount of oversupply will affect the market, so we should follow a trend that secure a fair and just prices, he continued.

It is expected that in the meeting of OPEC oil market supervision committee under Iran presidency, a clear decision will be made on production level here Monday evening.

Although the exact aim of the meeting is to consider production trend in the last quarter of the current year, it is obvious that effective factors on market trend be an important concern of participants in the meeting.

Currently, 13 members of OPEC produce 32 million and 640 thousand barrels oil daily which compared with the same period of the last year shows 400,000 barrels increase.

Indonesia keen to invest in Iran's oil, gas sector

Kuala Lumpur, Sept 9, IRNA - Indonesian Minister of Energy and Mineral Resources Purnomo Yusgiantoro on Monday said on Tuesday that Indonesia is keen on investment in Iran's oil and gas sector.

Talking to reporters, he lauded Iran's great economic potentials and said that his country is willing to make investment in the Islamic Republic, particularly in the areas of oil and gas.

He said that Iran enjoys billions of dollars oil resources and that the Indonesian state and private investors would pay more attention to Iran's economic potentials.

He added that Iran's oil revenue exceeded dlrs 55 billion a year.

Yusgiantoro said that Iran's economic potentials have attracted investors from several countries.

... Payvand News - 09/09/08 ... --

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