ID :
185521
Tue, 05/31/2011 - 10:40
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https://www.oananews.org//node/185521
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Iran's Governor Stresses OPEC's Balancing Act
TEHRAN (FNA)- Iran's Governor at the Organization of the Petroleum Exporting Countries Mohammad Ali Khatibi said OPEC is acting to balance the global market and will make up for part of the shortage of supply in the market.
"OPEC is trying to compensate part of the shortage of supply of crude and create a balance in the market and in the future OPEC will continue to do its onerous duty which is to create balance in the market," said Khatibi.
He said he expected global oil demand to rise to 88.9 million b/d by yearend and demand for OPEC crude to rise to 29.8 million b/d by yearend from 29.7 million b/d in the first quarter.
Khatibi's statement comes just days after Iran's Guardian Council, a powerful vetting body, ruled that President Mahmoud Ahmadinejad could serve as the country's caretaker oil minister. The council's decision, essentially a rebuke of the Iranian president, came after Ahmadinejad said he would temporarily oversee the country's oil portfolio following his dismissal of Mir-Kazzemi.
However, the Iranian president said he would send a member of his cabinet to the OPEC meeting instead of going himself.
Last week, an Iranian Oil Ministry official ended weeks of media speculations about the presence of President Mahmoud Ahmadinejad in the next ministerial meeting of the Organization of Petroleum Exporting Countries, saying that a cabinet minister, and not Ahmadinejad, will chair the OPEC gathering.
"In a face-to-face meeting with President Ahmadinejad, he announced that he would not attend the next OPEC meeting," Iranian Oil Ministry Director Shojaoddin Bazargani said last Monday.
Bazargani added that a cabinet minister would be selected to represent Iran at the next OPEC meeting and the European Union-OPEC joint session.
The next OPEC ministerial meeting will be held in the Austrian capital Vienna on June 8.
Iran, OPEC's second largest crude exporter, currently holds the presidency of the cartel, a position it is holding for the first time since the 1979 Islamic revolution.
"OPEC is trying to compensate part of the shortage of supply of crude and create a balance in the market and in the future OPEC will continue to do its onerous duty which is to create balance in the market," said Khatibi.
He said he expected global oil demand to rise to 88.9 million b/d by yearend and demand for OPEC crude to rise to 29.8 million b/d by yearend from 29.7 million b/d in the first quarter.
Khatibi's statement comes just days after Iran's Guardian Council, a powerful vetting body, ruled that President Mahmoud Ahmadinejad could serve as the country's caretaker oil minister. The council's decision, essentially a rebuke of the Iranian president, came after Ahmadinejad said he would temporarily oversee the country's oil portfolio following his dismissal of Mir-Kazzemi.
However, the Iranian president said he would send a member of his cabinet to the OPEC meeting instead of going himself.
Last week, an Iranian Oil Ministry official ended weeks of media speculations about the presence of President Mahmoud Ahmadinejad in the next ministerial meeting of the Organization of Petroleum Exporting Countries, saying that a cabinet minister, and not Ahmadinejad, will chair the OPEC gathering.
"In a face-to-face meeting with President Ahmadinejad, he announced that he would not attend the next OPEC meeting," Iranian Oil Ministry Director Shojaoddin Bazargani said last Monday.
Bazargani added that a cabinet minister would be selected to represent Iran at the next OPEC meeting and the European Union-OPEC joint session.
The next OPEC ministerial meeting will be held in the Austrian capital Vienna on June 8.
Iran, OPEC's second largest crude exporter, currently holds the presidency of the cartel, a position it is holding for the first time since the 1979 Islamic revolution.
