Arab Today, arab today iran says oil production hike will not cool prices
Last Updated : GMT 02:41:00
Arab Today, arab today
Arab Today, arab today

Iran says oil production hike will not cool prices

Arab Today, arab today

Arab Today, arab today Iran says oil production hike will not cool prices

Tehran - AFP

Oil prices are likely to stay high and adding more crude to the market will not cool them, Iran said yesterday, striking a typically bullish stance a day after other members of the Organisation of Petroleum Exporting Countries (Opec) said costly fuel could slow global growth. At an oil and gas trade fair in Tehran, Opec Secretary General Abdullah Al Badri also predicted continued price strength. He did not expect oil prices to fall below $100 a barrel this year, but saw no need for Opec to summon an emergency meeting before its next scheduled conference in June. \"An increase of production will have no impact on the prices,\" said Oil Minister Masoud Mirkazemi, who has described oil prices that broke two-and-a-half year highs above $127 last week as \"not extraordinary.\" Mirkazemi did not attend a meeting in Kuwait at the weekend and on Monday that brought together Opec ministers and Asian consumer countries. The Kuwait talks expressed the view prices were being pushed higher by political concerns that could hamper economic recovery and eventually erode fuel demand. Also in Kuwait, leading Opec minister Ali Al Naimi of Saudi Arabia said the kingdom had cut output by more than 800,000 barrels per day in March because of weak demand. Brent crude futures have fallen by more than $7, or around 6 per cent, since a peak above $127 on April 11. The market has been dragged lower by trader sentiment that expensive oil has begun to erode fuel demand, although some economists say there is room for prices to rise further before triggering recession and major demand destruction. US Federal Reserve official Richard Fisher said on Monday increased costs would \"result in some unpleasant general price inflation numbers in the next few reporting periods.\" Iran said last week oil was at \"a good price for us\", and predicted the demand for oil and its price would follow an upward trend for the rest of the year. Its Opec governor Mohammad Ali Khatibi maintained a similar line yesterday. \"Considering all the factors, it seems that the oil price will increase by the end of this year,\" he told the conference. Opec\'s Al Badri also said he did not foresee any huge fall in oil prices. \"The price will not come down from $100 for the rest of 2011,\" he told reporters. From Gulf News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iran says oil production hike will not cool prices Arab Today, arab today iran says oil production hike will not cool prices

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iran says oil production hike will not cool prices Arab Today, arab today iran says oil production hike will not cool prices

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday