Go Finance Reporting - Iranian Oil Minister Masoud Mirkazemi said that if oil prices can indeed reach USD100 per barrel, but may not be up to make OPEC's emergency meeting.
"The price of USD100 is not realistic in this situation. Even if oil prices past $ 100 a barrel, OPEC does not need to perform an emergency meeting. Several OPEC members believe that there is no need for an emergency meeting even if oil prices reach USD110-USD120 per barrel, "Mirkazemi said to reporters, quoted by AFP on Monday (1/17/2011).
Known, the price of oil on the New York Mercantile Exchange, for the type of light sweet crude for February delivery closed at USD91, 54 per barrel in trading on Friday last week.
The increase in world oil prices have been associated with winter hit Europe and North American states, as well as growth in China and other developing countries.
Organization of Petroleum Exporting Countries (OPEC) has said that any speculation also trigger an increase in price. At the last meeting in Quito, 12 countries decided cartel production quotas unchanged, emphasizing the looming risk of making the fragile global economic recovery.
Some members of OPEC such as Iran, Venezuela, and Libya, urged the higher oil prices at a meeting in Quito that is above USD100 per barrel to offset rising production costs.
However, the country's largest oil producer in OPEC, Saudi Arabia said that if the oil price at USD70-80 per barrel is "a fair price."
For your information, Iran took over the chair of leadership as chairman of OPEC on January 1 for the first time in 36 years since Tehran holds the leadership of the cartel which accounts for 40 percent of world output.
Mirkazemi also announced that Iran has discovered new gas fields on land with $ 50 billion worth of reserves in the eastern region Assaluyeh in the Gulf. Iran is the second largest crude oil exporter and OPEC's second largest gas reserves in the world.
"It has 260 billion cubic meters (9.18 trillion cubic feet) of gas, where the 210 (billion) to be used, which is approximately 24 million cubic meters per day," said the minister. (GoFinance)
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