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

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

Fuelling Change

REUTERS SHOWCASE

NSEL Fraud

NSEL Fraud

Govt orders Financial Tech to absorb NSEL, liabilities  Full Article 

Stalemate

Stalemate

WTO prepares for crisis talks as India keeps veto on global deal.  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Earnings Season

Earnings Season

HDFC Bank eyes pickup in corporate credit.  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

Iron Ore Imports

Iron Ore Imports

JSW Steel to boost iron ore imports by up to 80 percent.  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Remembering Margerie

Remembering Margerie

Total’s "Big Moustache"- bon vivant, deal-maker and risk-taker .  Full Article 

Reuters India Mobile

Reuters India Mobile

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