Iran joins Venezuela, Libya over crude prices

Venezuelan Oil Minister Rafael Ramirez said on Sunday that $100 was "fair value" for crude, a position that Libya also backs.

Iran joins Venezuela, Libya over crude prices

Iran joined Venezuela and Libya on Sunday to say it saw no need for the OPEC to consider raising crude supplies to rein in crude prices now near $100 a barrel.

Iranian Oil Minister Massoud Mirkazemi said some members of the Organization of the Petroleum Exporting Countries saw no need for producers to act even if prices went to $120 a barrel.

"None of the OPEC members find $100 concerning or irrational. Some of the OPEC members see no need for an emergency meeting even with prices at $110 or $120," Mirkazemi, OPEC president for 2011, told a news conference.

"None of the members have asked for an emergency meeting and I think for a long time there would be no such request," Mirkazemi said.

As holder of the rotating OPEC presidency, Iran has responsibility for coordinating any emergency meeting with OPEC's Vienna based secretariat. The next scheduled meeting is not until June 2.

Venezuelan Oil Minister Rafael Ramirez said on Sunday that $100 was "fair value" for crude, a position that Libya also backs.

Benchmark Brent crude broke $99 a barrel on Friday, a 27-month high, while U.S. oil futures rose to $91.54, well above the $70-$80 range that OPEC's most influential member Saudi Arabia says is comfortable for both producers and consumers.

One delegate from a Gulf OPEC member state told Reuters on Thursday OPEC could hold an emergency meeting if oil prices "exceed $100 and stay there".

Influential Saudi Oil Minister Ali al-Naimi said in December that Riyadh was still committed to a $70-$80, a price high enough for producers to invest in new capacity but low enough to encourage world economic recovery.


Reuters

Last Mod: 16 Ocak 2011, 15:32
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