2020 1 October Fa

OPEC Will Reach Output Consensus

Iran’s minister of petroleum, Rostam Qasemi said on Tuesday that OPEC would reach consensus over its latest output decision, AFP reported from Vienna.

“Whatever the decision will be, it will be made all together,” Qasemi told reporters on arrival in Vienna, where the 12-nation Organization of Petroleum Exporting Countries holds its production meeting on Wednesday.

“We will have the meeting, and then we will decide” what to do regarding output quotas, he added. Iran currently holds the rotating presidency of OPEC.

Qasemi on Sunday renewed calls for OPEC kingpin Saudi Arabia and fellow member Kuwait to ease back their above-quota production as Libyan oil flows back into the market.

160th OPEC meeting is held in a time when Rostam Qasemi takes part in it for the first time as Iranian minister of petroleum and at the same time as president of OPEC.

In another development, Iran’s governor for OPEC, Mohammad Ali Khatibi, said today reasonable prices and stability in oil markets are the main goals OPEC intends to achieve in its 160th meeting in Vienna on Wednesday.

Talking to Shana, Mr. Khatibi said that balance in supply and demand and a stable market are the main issues for OPEC because both producers and consumers benefit them.

Khatibi went on to say that in addition to budget, OPEC’s ministerial meeting would discuss oil market situation in the first half of 2012 in order to make a decision on whether to maintain the current level of oil production or revise it.

On current economic crisis in euro zone, Iran’s governor for OPEC, Khatibi said Economic Commission of the organization in advance will examine the issue plus other issues such as current situation of the oil market and the latest projections on demand and supply and will present its findings to the ministerial meeting. 

‘Predictions show that Libyan oil production will reach 1.5 million barrels per day in first half of the next year amid rising oil production by Iraq which could lead to oversupply along with rising oil production by some other members; which will be discussed by the conference’, the official noted.

He continued that market management would lead to balance in supply and demand that would be followed by reasonable oil prices.

According to Khatibi, OPEC is an expertise organization dealing with economic issues and is able to reach consensus through negotiations among the members so political issues should not be allowed to interrupt its economic functions.

Some pressures and interferences by countries which are not member of OPEC caused some problems during the previous meeting in June; Khatibi said expressing hope the Wednesday meeting to be free from outside meddling in order to make a reasonable decision based on consensus among the members.

‘Independent sources predict current oil production by OPEC, excluding Iraq, at about 30 million barrels per day which includes 800 thousand barrels per day by Libya’ the official told Shana.

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14 / 12 / 2011