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News number: 8710281698

19:13 | 2009-01-17

Economy

نسخه چاپي ارسال به دوستان

Iran Foresees Oil Price at around $40 in 2009

TEHRAN (FNA) - Iranian Oil Minister Gholam Hossein Nozari Saturday predicted crude oil prices to stand at around $40 per barrel in 2009.



Nozari suggested that Tehran does not expect the market to rebound soon and charged crude producers outside the Organization of the Petroleum Exporting Countries (OPEC) "non-cooperative" in reducing output to restore stability.

"In the opinion of the Oil Ministry, taking into account predictions by various international institutes, the anticipated oil price in the year 2009 will be around $40," Nozari said according to Islamic republic news agency.

According to Nozari, the ministry had proposed to the government that the price of oil be set at that level in the 2009-10 budget, which runs from March.

OPEC ministers agreed in December to cut production by a record 2.2 million barrels per day (bpd), taking total curbs since September to 4.2 million bpd, the equivalent of 5 percent of global oil supply.

Nozari meanwhile predicted non-OPEC production would grow by 600,000 bpd during the year and reiterated, "Under such conditions OPEC member countries decided to cut output but non-OPEC countries are not cooperating."

Russia, the world's second-largest oil exporter, faced criticism from OPEC last month for refusing to join the efforts to shore up energy prices.

On the issue of OPEC members' observance of earlier cuts before the Algeria meeting, Nozari said, "The percentage of observance by 11 OPEC members, with the exception of Iraq, was in all reported as 85 percent."

"The worst performance belonged to Algeria which did not have any cut in its oil production," Nozari noted.