After 36 years Iran is set take over as the president of the Organization of Oil Exporting Countries (OPEC) as of 2011, Deputy Oil Minister Mohammad Ali Khatibi told the Mehr News Agency.
The decision was made by 12-member oil cartel in Vienna on
Saudi Arabian Oil Minister Ali al-Nuaimi confirmed to reporters that Iran was elected OPEC president for the next year.
OPEC comprises of Algeria, Angola, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela.
OPEC's power play as cartel marks 50 years - In the medium term, there is also the serious issue of in-fighting between long-term rivals Iran and Iraq. On October 4, Iraq upgraded its reported proven reserves to 143 billion barrels -- a sudden rise of 24 percent. One week after Iraq's declaration, Iran upped the stakes and said that its own proven reserves suddenly surged 9 percent, to just more than 150 billion barrels -- not by accident higher than Iraq. -CNN
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