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OPEC should maintain production ceiling, Iran says

Oil&Gas Materials 5 October 2011 00:26
Iran’s oil minister will advise the members of the Organization of Petroleum Exporting Countries to maintain the current level of crude oil production at the group’s next meeting in Vienna on December 14, Mehr news agency reported.
OPEC should maintain production ceiling, Iran says

Iran's oil minister will advise the members of the Organization of Petroleum Exporting Countries to maintain the current level of crude oil production at the group's next meeting in Vienna on December 14, Mehr news agency reported.

"As the president of OPEC, Iran's aim at the next meeting is to maintain the current production ceiling," the IRNA news agency quoted Iranian Oil Minister Rostam Qasemi as saying on Tuesday.

"If the current oil production ceiling is maintained, the price of oil, which is now relatively fair, will not change," he added.

Qasemi also stated that all OPEC members should stick to their production quotas since it would be beneficial for both consumers and producers.

The remarks are consistent with the recent statements by Iran's OPEC governor, Mohammad-Ali Khatibi, who said on Sunday that Iran shares the Saudi Arabian view that the market is balanced and sees no need to reduce or increase OPEC output.

On Saturday, Saudi Oil Minister Ali al-Naimi said crude supply and demand are now level, suggesting that OPEC may be on course to reach a consensus in December.

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