Iran News ...


11/14/10

Iran says $100 oil won't hurt global economy

Source: Mehr News Agency, Tehran

Oil prices of up to $100 per barrel would not hurt the global economy and might not create problems, Iran's representative to the Organization of the Petroleum Exporting Countries (OPEC) said here on Sunday.'

"Consumers and producers are unanimous that the oil at $70-$90 prices are suitable prices and will not hurt the global economy," SHANA news agency quoted Mohammad-Ali Khatibi as saying.

"There are thoughts that increase in the price of oil up to $100 per barrel will not create problems for the market," he added.

OPEC said in a report this week its 11 members bound by oil production targets -- all except Iraq -- produced 26.89 million barrels per day (bpd) of crude in October.

Iran has the world's third-largest proven oil reserves at nearly 138 billion barrels or over 10 percent of the world's total, according to BP's 2010 statistical review. Iran is also the world's fifth-largest oil exporter.

The International Energy Agency (IEA) said on Friday the Organization was raising production fast enough to meet growing demand and reducing compliance to the group's target for output cuts.

OPEC said in a report this week its 11 members bound by oil production targets, all except Iraq, produced 26.89 million barrels per day (bpd) of crude in October.

An improving economic outlook for many of the rich developed economies of the Organization for Economic Co-operation and Development (OECD) was a key factor behind sharp upward revisions to demand forecasts, the producer group said, Reuters reported.

OPEC raised its estimate of global oil demand growth for 2011 by 120,000 barrels per day (bpd) and now expects an increase of 1.17 million bpd in global oil consumption in 2011 over 2010. It has imposed limits on members' production for the past two years in an attempt to stabilize prices.

The group left its oil output target unchanged at a meeting on October 14, as it has since making a record supply curb of 4.2 million bpd in December 2008.



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