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Iran's Acting Oil Minister to join OPEC meeting

Source: ISNA

Iranian Acting Oil Minister Mohammad Aliabadi is to represent the country in the OPEC meeting on Wednesday, said First Vice President Mohammad Reza Rahimi on Monday.

President Mahmoud Ahmadinejad withdrew as the caretaker chief of the country's oil sector and named the Head of Iran's national Olympic committee Mohammad Aliabadi for the job on Thursday.

OPEC comprises 12 members -- Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq does not have a production quota.

The Organization of Petroleum Exporting Countries (OPEC) oil cartel meets in Vienna this week, widely expected to hold production levels unchanged as it balances a weak economic outlook and popular unrest in the Middle East which has slashed Libyan output.

The 12-nation group, which pumps 40 percent of the world's oil, meets on Wednesday amid growing fears that high crude prices could further dent faltering world economic growth and energy demand.

The International Energy Agency has already called on OPEC to increase output and prevent another damaging spike in prices, with seasonal demand set to strengthen in the coming summer months in the northern hemisphere.

... Payvand News - 06/06/11 ... --

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