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News number: 8803080804

18:03 | 2009-05-29

Economy

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Iran: Rise of Oil Price Derived from Psychological Elements

TEHRAN (FNA)- The rise of crude oil price a day after OPEC decided to keep the output steady shows the market has welcomed the decision, Iran's OPEC governor Mohammad Ali Khatibi said on Friday.



It seems that the rise of prices was derived from psychological elements and that the fundamental factors of the market do not support the crude oil prices, Khatibi told the Iranian students news agency.

Although the supply and demand of the crude oil does not support current prices, the ministerial meeting of Organizations of Petroleum Exporting Countries on Thursday decided not to change the production, he said.

Considering the existing crude oil storage there is the concern that the prices will again fall down, he said and added, "there must have been reasons behind this decision, usually, whenever ahead of the OPEC meeting the oil price is increasing, the output is not curbed."

He then reiterated the current oil storage and low demand will again reduce prices.