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Crude Prices to Rise Further in 2011

Service : Economy
TEHRAN, April 22 (ICANA) – Iran's OPEC Governor Mohammad Ali Khatibi says global crude prices and demands for oil will both increase further by the end of 2011.
Friday, April 22, 2011 1:01:41 PM
Crude Prices to Rise Further in 2011

Khatibi appeared on Press TV's News Analysis program on Tuesday night and stated that the global crude market is well-balanced, adding that prices will continue to rise by the year's end.

The official explained that the price of oil depended on two elements; first, on fundamental factors including supply and demand, and second, on political factors such as the psychological and unpredictable parameters, pointing out that based on these factors, oil prices should increase again by the end of the year.

He also predicted a rise in the oil demand in 2011, saying the increase will range between 1.3 million to 1.6 million barrels per day.

Demand for OPEC oil is estimated to be at 29 million barrels a day. However, some unconfirmed reports suggest that the Organization of Petroleum Exporting Countries has increased production to 30 million barrels a day due to the current crisis in Libya.

Khatibi reiterated Iran's previous stance on an emergency OPEC meeting, saying that the organization would not hold any extraordinary meeting prior to its 159th ordinary meeting slated for June 8 in the Austrian capital, Vienna. Iran has ruled out a need for an emergency OPEC meeting.

Earlier in the day, Iran marked the 50th anniversary of the establishment of the OPEC in the capital Tehran.

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