ID :
187283
Wed, 06/08/2011 - 15:15
Auther :
Shortlink :
https://oananews.org//node/187283
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Iran Urges Stability in Oil Market
TEHRAN (FNA)- The newly appointed caretaker of the Iranian Oil Ministry, Mohammad Ali Abadi, called on OPEC members to preserve stability in the oil market.
Addressing the opening session of the 150th ministerial meeting of OPEC in Vienna, Austria, on Wednesday, Ali Abadi underlined the oil cartel's resolve to supply the existing demands for crude in the world market.
He stressed the vital importance of a stable oil market, and added, "Creating stability in the oil market is a duty of all sides, both producers and customers."
"All of us have our own benefits in the stability of the oil market and we should, thus, protect it," Ali Abadi reiterated.
The Iranian minister further asked for more discussions on the prospects of the oil market in the next few months in a bid to take a proper decision on supply.
Meantime, Ali Abadi said that the oil market is still under the effects of the recent developments in the Middle-East and the nuclear crisis in Japan which was triggered after a 9-magnitude earthquake and the resultant tsunami.
Iran, OPEC's second largest crude exporter, currently holds the presidency of the cartel, a position it is holding for the first time since the 1979 Islamic revolution.
Until last week, most OPEC officials and oil-market watchers had anticipated the group would maintain its status quo on output. But in recent days, Persian Gulf state leaders, chiefly Saudi Arabia but also Kuwait, have said a confluence of factors, including the continuing outage in war-torn Libya and projections of rising demand in the US and especially China, could leave oil markets tight in the year's second half. The Persian Gulf Arab states' ministers have largely brushed aside concerns about anemic US jobs growth and other weak economic indicators.
On Tuesday, the United Arab Emirates oil minister, Mohammad Al-Hamli, said today's relatively well-supplied oil market will give way to a more supply-constrained market. "You need to really look beyond the second quarter," he said. The market "is going to be tight."
But, Iraq openly criticized any move to boost the output. Iraq's oil minister, Abdul Kareem Luaiby, said Tuesday he didn't see "any need" for OPEC to act this week, adding that current prices "do not pose a threat to economic growth."
Iran has also criticized the move to boost output. Other OPEC members, including Venezuela and Angola, are believed to be on Iran's side.
Addressing the opening session of the 150th ministerial meeting of OPEC in Vienna, Austria, on Wednesday, Ali Abadi underlined the oil cartel's resolve to supply the existing demands for crude in the world market.
He stressed the vital importance of a stable oil market, and added, "Creating stability in the oil market is a duty of all sides, both producers and customers."
"All of us have our own benefits in the stability of the oil market and we should, thus, protect it," Ali Abadi reiterated.
The Iranian minister further asked for more discussions on the prospects of the oil market in the next few months in a bid to take a proper decision on supply.
Meantime, Ali Abadi said that the oil market is still under the effects of the recent developments in the Middle-East and the nuclear crisis in Japan which was triggered after a 9-magnitude earthquake and the resultant tsunami.
Iran, OPEC's second largest crude exporter, currently holds the presidency of the cartel, a position it is holding for the first time since the 1979 Islamic revolution.
Until last week, most OPEC officials and oil-market watchers had anticipated the group would maintain its status quo on output. But in recent days, Persian Gulf state leaders, chiefly Saudi Arabia but also Kuwait, have said a confluence of factors, including the continuing outage in war-torn Libya and projections of rising demand in the US and especially China, could leave oil markets tight in the year's second half. The Persian Gulf Arab states' ministers have largely brushed aside concerns about anemic US jobs growth and other weak economic indicators.
On Tuesday, the United Arab Emirates oil minister, Mohammad Al-Hamli, said today's relatively well-supplied oil market will give way to a more supply-constrained market. "You need to really look beyond the second quarter," he said. The market "is going to be tight."
But, Iraq openly criticized any move to boost the output. Iraq's oil minister, Abdul Kareem Luaiby, said Tuesday he didn't see "any need" for OPEC to act this week, adding that current prices "do not pose a threat to economic growth."
Iran has also criticized the move to boost output. Other OPEC members, including Venezuela and Angola, are believed to be on Iran's side.
