Iran official sees West’s troubles curbing oil price
Iran says international crude oil prices will not rise with the onset of the cold season due to the continuing global economic slump, state broadcaster IRIB quoted an official on Saturday as saying.
September 17, 2011 3:38 by Reuters
“Due to the existing economic crisis, it is predicted that this year no significant changes happen in the oil price by the onset of the cold season,” said Iran’s OPEC governor Mohammad Ali Khatibi.
Khatibi said there were indications that lingering financial crisis in some Western countries would lead to a drop in oil demand.
“The drop in demand in recent weeks has been to the extent that some non-OPEC producing countries were compelled to lower their output in proportion to the drop in demand,” Khatibi said.
Iran, a leading price hawk inside OPEC, holds the rotating presidency of the group.
At the last OPEC meeting, on Jun. 8, it successfully opposed a push led by Saudi Arabia to raise output quotas, leading the Saudis to increase production unilaterally, a move strongly criticised by Tehran. (Writing by Ramin Mostafavi; Editing by Ruth Pitchford)
More on GCC
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
Lately on Kipp
-
Arabtec workers: strike will continue
-
Starcom MediaVest Group Elevates Rayan Karaky to Chief Digital Officer, MENA and Emerging Markets
-
CANALI’S EXCLUSIVE “SU MISURA” EVENT FOR PERSONALIZED MENSWEAR IN THE UAE
-
Plextor launches new SSD with Stunning True Speed Performance
-
Dubai Duty Free wins DFNI Asia/Pacific Award for “Middle East Travel Retailer of the Year”
-
Sovereign art gallery opens at Jumeirah Lakes Towers
