Iran sees $100 fair price for oil

Senior Iranian officials said oil price over $100 per barrel is good and fair. Prices will remain unchanged until March, Iranian Oil Minister Rostam Qassemi said at the opening ceremony of an International Conference on Technology and Innovation in the Oil and Gas Industry in Tehran on Tuesday. "The current oil prices are good ... We are not expecting the prices to change in winter," he said. "Demand and supply in the market determine the price of oil. Although at present the price has decreased due to political and economic developments, the present price seems to remain steady by the end of winter," Qassemi. Referring to the relations of Iran and Saudi Arabia as two influential member states of Organization of the Petroleum Exporting Countries (OPEC), he added that Iran and Saudi Arabia have no disagreements in oil market issues. Qassemi further pointed to the OPEC's upcoming meeting on December 14 at its headquarters in Vienna, Austria, and said that before the next meeting Iran will consult with members to reach a conclusion about the oil market. The Iranian oil minister said that the country's exploitable crude reserves have increased to 154.8 billion barrels. "With the discovery of the new reserves in the country, the level of Iran's exploitable crude oil has increased from 151 billion barrels to 154.8 billion barrels," Qassemi said. Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri confirmed Qassemi's statements, and said that he doesn't expect an oil price lower than $100 per barrel by the end of this year. "The crude price is not expected to come down until the end of this year," Badri told reporters on the sidelines of the 15th International Conference on Technology and Innovation in Oil and Gas Industry here in Tehran, adding that the price of $100 is "comfortable" for the consumer and the producing countries. As regards his meetings in Iran, Badri stated that he and Iranian Oil Minister Rostam Qassemi discussed the latest developments in global economy, and described the meeting as "very good". "During the meeting we emphasized that effort should be made so that we could reach an agreement in the next general meeting," Badri stated.