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No major change in oil prices despite economic crisis: Iranian official

Oil prices will hold amid falling demand, Iranian OPEC official states

Ahram Online and Reuters, Saturday 17 Sep 2011
Views: 1006
Views: 1006

There will not be any major changes in oil prices with the start of winter due to the “international economic crisis" according to Mohamed  Mohammad Ali Khatibi, Iran’s OPEC (Organisation of Petroleum Exporting Countries) governor.

Khatibi was quoted by Iran’s radio as saying that the “lack of economic growth" would set back demand for oil.

“The drop in demand in previous weeks has caused some non-OPEC producing countries to curb their production to match demand,” he added.

Khatibi said that China’s oil demand for was at “a desirable level” similar to other Asian economies which are “doing better economically”.

Iran, currently holding the OPEC presidency, was a leading opponent of Saudi Arabia's US-backed push for the oil exporter group to agree to a coordinated increase in production at its last meeting 8 June.

Later in August, Khatibi had stated that oil ministers in OPEC would need to have an emergency meeting if prices continued to fall as a result of a drop in demand. 

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