Oil not to fall below $100 this year: OPEC Sec. Gen.

April 20, 2011 - 0:0

TEHRAN – OPEC Secretary General Abdullah Salem Al-Badri said on Tuesday he did not expect the oil price to fall below $100 for the rest of the year. ""The price will not come down from $100 for the rest of 2011,"" he told a news conference on the sidelines of Iran Oil Show in Tehran. The global oil markets are sufficiently supplied and there is no need for OPEC to increase crude output, Al-Badri added.

He went on saying that OPEC has said repeatedly there is no shortage of oil anywhere in the world and stocks are high.
“OPEC has done its part to ensure that the market is adequately supplied with crude and it will be useful in this challenging time if consuming countries, who impose high taxes on oil, revise it temporarily because we are in exceptional circumstance that needs exceptional solution,” he added.
-------------Oil output hike would not affect price: Mirkazemi
Iran’s oil minister said any increase in the output of crude would not succeed in bringing down global oil prices, a day after other OPEC members expressed concerns about costly oil hurting fragile economies in consumer countries, Reuters reported.
“An increase of production will have no impact on the prices,” said Massoud Mirkazemi, who has described oil prices that broke two-and-a-half year highs above $127 last week as “not extraordinary”.
OPEC ministers attending a meeting in Kuwait on Monday said they were concerned that current prices of around $120 per barrel could undermine long-term economic growth and lead to a collapse in demand and prices in future years.
Iran currently holds the revolving one-year presidency of OPEC, which groups 12 nations that pump almost a third of the world’s oil.
-------------- Khatibi sees further rise in oil prices by end 2011
Iran’s OPEC governor Mohammad-Ali Khatibi said it expects global crude prices to further rise by the end of 2011, AFP reported.
“The price of oil depends on two things: First, the fundamentals, including supply and demand, and then the political, psychological and unforseen elements. Based on these factors, oil prices should increase again by end of the year,” he explained. He said oil demand in 2011 will be high, between 1.3 million barrels per day to 1.6 million barrels per day.
“What is certain is that we will see a rise in demand,” he said.