Reasonable prices, market stability attainable through convergence: Iran’s OPEC governor

Iran Materials 13 December 2011 12:20 (UTC +04:00)

Azerbaijan, Baku, Dec. 13 / Trend F.Milad/

Through convergence among members of the Organization of the Petroleum Exporting Countries, the oil market will experience reasonable prices and stability, Iran's OPEC governor Mohammad-Ali Khatibi stated.

"A balanced supply and demand will benefit both producers and consumers, because it will lead to reasonable prices" he told the Shana news agency.

He said OPEC is an economic organization. So, the member-states should not be affected by external political pressures.

Offering oil at fair prices and maintaining the current market situation will be Iran's main policies at the upcoming OPEC meeting, Iran's Oil Minister Rostam Qasemi said, the Pana news agency reported.

Oil ministers of the Organization of the Petroleum Exporting Countries will meet in Vienna on December 14 to decide on production quotas.

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.