Iran sees crude market 'balanced'
Tehran, December 10, 2011
Iran's Opec governor said on Saturday the oil market was "relatively balanced", indicating the country will not push for any major shift in an Opec ministerial meeting next week.
"The market is relatively balanced ... and my feeling is there is a general sentiment among the Opec members to make a decision based on the real needs of the market," Mohammad Ali Khatibi told Reuters.
Khatibi's comments came days ahead of a meeting of the Organization of the Petroleum Exporting Countries in Vienna on Wednesday.
Iran, Opec's leading price hawk, said in November it would ask member states to reduce output back to pre-Libya crisis volumes, but it has since backed down from that stance and now appears likely to agree a new production target that legitimises current output of around 30 million barrels a day.
"If there is a real need in the market, an appropriate decision should be made," Khatibi said. "But if there is a surplus of oil supply in the future, a solution should be sought for that."
"The decision should be made on the need of the market. Opec has always sought a balanced market in which there is neither shortage nor surplus."
Talks in last meeting in June broke down in acrimony as members failed to reach consensus over output.
Iran, which holds the Opec rotating presidency, successfully opposed a move led by Saudi Arabia to raise the ceiling but the top exporter went ahead and raised output unilaterally.
Saudi Arabia says it is now pumping at its highest rate for decades.-Reuters
More Energy, Oil & Gas Stories
- Egypt will get oil aid from Arab states
- New technology for Bahrain's gas industry to save $300m
- Innovations key focus at Geoscience expo
- Iran seals gas export deal with Oman
- Total unit inks Elf Lubricants agreement
- Opec raises forecast for 2014 global oil demand
- Mitsui joins DME as trading member
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director