Iranian oil minister: Current oil prices are fair
Azerbaijan, Baku, Nov.1 / Trend F.Milad/
Iranian oil minister Rostam Qasemi said that the current oil prices are fair and predicted. The prices will remain constant in winter.
The situation with supply and demand determines prices in the global oil market, he said.
He added that the OPEC member-states are fully coordinated in decision making.
Iran is the OPEC second-biggest producer after Saudi Arabia. It wants to see those countries to reduce that extra production as Libya steps back into the market.
OPEC's revised estimate of world oil demand for 2011 is 87.81 million barrels per day. The International Energy Agency said last month that OPEC should maintain or increase oil production to meet global demand, which is estimated to slow but still rise by 1.3 million barrels to 90.5 million barrels a day in 2012.