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Iran seeks fair price for oil: Oil Minister

Source: Mehr News Agency

Iran's Oil Minister Rostam Qasemi said on Wednesday that Iran, as the OPEC president, pursues a fair mechanism for oil producing and pricing, as well.

Iran's Oil Minister Rostam Qasemi
Iran's Oil Minister Rostam Qasemi

Qasemi did not elaborate on what he mentioned as a fair price for oil, but emphasized that "Iran with huge reserves of oil and gas has the leading role in decision-making in intentional energy organizations," the Mehr news agency reported.

He emphasized on the 'critical role' of Iran in the Organization of Petroleum Exporting Countries and referred to some specific policies of Saudi Arabia for meeting interests of western oil consuming countries, saying, "Saudi Arabia isn't the whole OPEC. Iran and other member states of OPEC should play a more active role in the group.

At the last OPEC meeting, on June 8, Iran successfully opposed a push led by Saudi Arabia to raise output quotas, leading the Saudis to increase production unilaterally, a move strongly criticized by other members of group.

Crude oil has dropped to the lowest level since Sept. 29 a year ago after recent U.S. and Europe economic uncertainties. Oil futures have fallen 17 percent in August and 13 percent this year.

... Payvand News - 08/10/11 ... --

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