Maintaining crude production ceiling is now the only possible way to control global oil market, said Iran's OPEC Governor Mohammad Ali Khatibi, Tehran Times reported wih reference to Mehr news agency.
Referring to the fact that crude oil accounts for 36 percent of the world's energy needs, he added it is predicted that until 2030 more than 32 percent of global energy need will be met by oil, according to.
He named OPEC as one of the most successful international organizations among developing countries and said OPEC members always try to respect the organization's goals and ethics even in acute conditions such as in the three great oil shocks in decades of 1970, 1980, Asian financial crisis in 1997 and recent economic turmoil.
He emphasized that maintaining current OPEC production ceiling is the only possible way for balancing the oil market. If demand increases or some producers cut their productions, OPEC can balance global oil market by increasing its production.
The Organization of Petroleum Exporting Countries is scheduled to meet June 8 in Vienna. OPEC's 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela