Iran OPEC governor: Oil price below $100 will hamper investments

TEHRAN,July 1(MNA) - If oil prices fall below $100 per barrel, international companies will face problems in investing in oil projects, said the Iranian representative to the Organization of petroleum Exporting Countries. “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 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 earlier this month that some member states, particularly Saudi Arabia, are violating the oil quota of the petroleum producing organization “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. Oil jumped to near $80 a barrel Friday in Asia, bouncing off an eight-month low after European leaders agreed to use the continent's bailout fund to funnel money directly to struggling Spanish banks, according to AP.