Iran says more oil price falls would harm producers

TEHRAN Sat Sep 6, 2008 1:29pm IST

Iran's Oil Minister Gholamhossein Nozari seen in Tehran in this August 11, 2008 file photo. REUTERS/Morteza Nikoubazl

Iran's Oil Minister Gholamhossein Nozari seen in Tehran in this August 11, 2008 file photo.

Credit: Reuters/Morteza Nikoubazl

Related Topics

Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

TEHRAN (Reuters) - Iran's oil minister said a continued fall in crude prices would harm producers, the Oil Ministry website Shana reported on Saturday, three days before OPEC ministers are due to meet in Vienna.

Gholamhossein Nozari also said Iran, the world's fourth-largest oil exporter, wanted a "fair" crude price but did not elaborate. Earlier this week, he said $100 a barrel was the lowest appropriate price.

Crude has tumbled from a record $147 in July and was trading on Friday at below $107.

"If the reducing trend in prices continues like now ... the producers will be harmed," Nozari told Shana, making clear this was because production costs had not fallen.

In the run-up to the Sept. 9 meeting of the Organisation of the Petroleum Exporting Countries, Iranian oil officials have said OPEC members should cut output to their agreed targets so that oversupply on the market was reduced.

Iran's OPEC governor, Mohammad Ali Khatibi, this week told Reuters that OPEC may need to cut oil supplies by as much as 1.5 million barrels per day, or nearly 5 percent, to balance global markets by early next year.

Iran is traditionally hawkish on price. Another price hawk, Venezuela, said record prices near $150 were "irrational" and that they would probably settle around $100.

OPEC does not officially have quotas but the term is sometimes used to describe agreed output targets for each member country. Some, notably Saudi Arabia, have been producing above these targets.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Asian Markets

Asian Markets

Asian stocks flat after China PMI meets expectations  Full Article 

Chinese Economy

Chinese Economy

Factory activity shrinks for 4th month; pace of decline slows   Full Article 

International Gold

International Gold

Gold hovers near 2-1/2 month lows on firm equities, fund outflows  Full Article 

GM Lawsuit

GM Lawsuit

GM seeks U.S. court protection against ignition lawsuits  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage