Iranian official: Economic crisis reduces oil demand

Oil&Gas Materials 17 September 2011 12:39

Azerbaijan, Baku, Sept. 17 /Trend A. Qurbanova/

Economic crisis in European countries and U.S will lead to the reduction in oil demand, SHANA quoted Iran's representative to OPEC Mohammad Ali Khatibi as saying.

"The developed countries reduced oil demand due to economic crisis," he said. "But it was predicted that oil price will not change in cold season."

He stressed that the recent reduction in oil demand has led to the decline in oil production in non OPEC members as well.

The risk of changing oil price exists all the time. The pressure in global market changes prices, he added.

Economic crisis can affect global demand for oil. But it is not definite and we can be sure in upcoming months.

The developed countries in Asia also reduced oil demand. Only China has kept its demand despite financial crisis, he said.

Iran 's oil production has recently declined. According to the OPEC, Iran's oil production reduced by 19,000 barrels to 3.54 million barrels of oil per day in 2010.

The country ranks second in the world in terms of natural gas reserves after Russia.

The oil production of OPEC's members increased by 75,000 barrels to 29.93 million barrels of oil per day in August 2011 while Saudi Arabia's oil production reached 9.72 million barrels. But the oil production in Libya reduced by 45,000 barrels to 3,000 barrels per day.