EconomyIran

Iran’s OPEC Governor: Consumers, Producers Satisfied with $100 Price

A1126932 Both oil producers and consumers are satisfied with the current oil prices between 100 to 110 dollars per barrel, Iran’s Governor at the Organization of Petroleum Exporting Countries Mohammad Ali Khatibi said.

“At the start of the spring we are approaching a period of falling oil consumption which naturally will impact the oil market,” Khatibi said.

“Currently economic performance of industrial countries is weak, which in turn can affect oil demand and oil market situation,” he added.

According to Khatibi, following the failure to solve the budget issue, the US administration has decided to reduce its expenditures, which in turn can have an impact on economic growth and oil demand by the country.

“The oil market has always been faced with fluctuations but sometimes negative factors prevail other factors and push prices downward and vice versa,” the official noted.

“These days those negative factors including slowdown in oil demand growth and worsening economic outlook in industrial countries especially the US are prevailing in the market.”

On recent remarks on oil prices, Khatibi said, “There are various views on oil prices and different countries express their views on the issue depending on their national interests.”

In spite of different views by producing countries, consumers and oil companies, it could be said that they have generally accepted 100 dollars per barrel as a reasonable price, Khatibi said, adding even consumers have no problem with 110 dollars per barrel and both groups are satisfied with a price range between 100 to 110 dollars per barrel.

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