Iran to offer OPEC new ways to boost oil prices
Thursday, 5 March 2009
TEHRAN, Mar 4 (Xinhua): Iran's Oil Minister Gholam- Hossein Nozari said yesterday that Iran would offer the Organization of Petroleum Exporting Countries (OPEC) new ways to boost oil prices, the semi-official Fars news agency reported.
OPEC would review the present status of world oil market during its meeting in Vienna on March 15 to decide whether or not to remove the present production ceiling or make any changes, Nozari said.
Without providing any details, he said Iran was intending to present "a new package at the next OPEC summit to help increase the prices of oil."
On Sunday, Iran's satellite Press TV quoted Nozari as saying that OPEC would not cut its output in March.
"I do not think we move towards cutting production again. Instead, a mechanism should be defined to repair prices in the oil market...and OPEC will review the oil market and will decide about its production policy in view of the world economic growth in this year and 2010."
In an attempt to stabilize the world oil market, OPEC agreed in December to "cut production by a record 2.2 million barrels per day (bpd), taking total curbs since last September to 4.2 million bpd, the equivalent of 5 per cent of global oil supply. "
The 12-member oil cartel, which pumps nearly 40 per cent of global supply, is due to hold an ordinary meeting on March 15 in the Austrian capital of Vienna to bolster sagging oil prices amid the global economic slowdown.
OPEC would review the present status of world oil market during its meeting in Vienna on March 15 to decide whether or not to remove the present production ceiling or make any changes, Nozari said.
Without providing any details, he said Iran was intending to present "a new package at the next OPEC summit to help increase the prices of oil."
On Sunday, Iran's satellite Press TV quoted Nozari as saying that OPEC would not cut its output in March.
"I do not think we move towards cutting production again. Instead, a mechanism should be defined to repair prices in the oil market...and OPEC will review the oil market and will decide about its production policy in view of the world economic growth in this year and 2010."
In an attempt to stabilize the world oil market, OPEC agreed in December to "cut production by a record 2.2 million barrels per day (bpd), taking total curbs since last September to 4.2 million bpd, the equivalent of 5 per cent of global oil supply. "
The 12-member oil cartel, which pumps nearly 40 per cent of global supply, is due to hold an ordinary meeting on March 15 in the Austrian capital of Vienna to bolster sagging oil prices amid the global economic slowdown.