Iran pursues fair oil prices at Vienna meeting: oil minister
Azerbaijan, Baku, Dec. 11 / Trend F.Milad/
Offering oil at fair prices and maintaining the current market situation will be Iran's main policies at the upcoming meeting of the Organization of the Petroleum Exporting Countries, Iran's Oil Minister Rostam Qasemi said, the Pana news agency reported.
OPEC oil ministers will meet in Vienna on December 14 to decide on production quotas.
Although the oil market is currently in a balanced situation, but evidence show crude oil demand will decline in the second quarter of the next year, Iran's representative to the Organization of the Petroleum Exporting Countries said on Saturday.
"OPEC members should be vigilant of a probable cut in crude demand next year," Mohammad-Ali Khatibi added, the ISNA news agency reported.
For the time being, both producers and consumers are relatively satisfied with the market situations. So, OPEC members should plan for the market in the long run, Khatibi noted.
OPEC, which pumps a third of the world's oil, forecast 2011 demand growing by just 0.88 million bpd to 87.81 million bpd. It is the first time this year that OPEC has cut its oil demand growth estimate to below 1 million bpd. For 2012, it cut demand by 70,000 bpd to 1.19 million bpd, according to Reuters.