The Iranian


email us

Flower delivery in Iran

Fly to Iran

Sehaty Foreign Exchange

    News & views

Overproduction could hurt oil prices in 2001-Iran

TEHRAN, Oct 9 (Reuters) - Iran's OPEC governor said on Monday that current overproduction could hurt crude oil prices in the second and third quarters of 2001.

``If the current supply-demand balance stays without change, prices could fall from next spring due to overproduction,'' Hossein Kazempour Ardebili told Reuters on the sidelines of a seminar in the oil ministry's research institute.

Iranian oil sources have said that OPEC members are producing a total of around 300,000 extra barrels of oil over their quotas per day.

Kazempour Ardebili said Iran thought an OPEC basket price of $25 per barrel acceptable.

``$25 per barrel is the target price for Iran too,'' he said. ``If prices top $28 for more than 20 days, Iran is committed to the OPEC decision to increase production.''

OPEC's crude basket price stood at $28.75 a barrel on Friday. The price has remained above $28 since the price mechanism was restarted on October 1.


 MIS Internet Services

Web Site Design by
Multimedia Internet Services, Inc

 GPG Internet server

Internet server by
Global Publishing Group.