Iran in talks with OPEC members to maintain oil price around $100

Iran in talks with OPEC members to maintain oil price around $100
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Published April 24th, 2013 - 12:47 GMT via SyndiGate.info

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Iran considers the logical price of crude to be around $100 to $120 a barrel
Iran considers the logical price of crude to be around $100 to $120 a barrel
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Iran considers the logical price of crude to be around $100 to $120 a barrel, the Mehr News Agency quoted him as saying.

"It is possible to reach an agreement on the issue of oil price without holding an emergency meeting," he said.

Brent crude fell below $100 a barrel on Tuesday.

OPEC’s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. 

In June 2012, the Iranian representative to the Organization of petroleum Exporting Countries said if oil prices fall below $100 per barrel, international companies will face problems in investing in oil projects.

“Most of international private companies believe that they will face problems in investments if oil prices fall below $100 per barrel,” Mohammad-Ali Khatibi told the Shana News Agency.

The world economy has been affected by the EU economic recession, he said, adding that such a situation will lead to a decline in oil demands.

Khatibi said that some countries, particularly Saudi Arabia, are violating the oil quota.  “Saudi Arabia and its two allies (Kuwait and the United Arab Emirates) are the biggest violators of the OPEC (quota),” Khatibi said. 

The Iranian official blamed these countries for the drop in oil prices by over-pumping.  "It is not right that two or three countries compensate for a country that is targeted by sanctions… OPEC members should not work against each other," Khatibi added.

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