MNA cited Mr Rostam Qasemi oil minister of Iran as saying that current international crude prices are fair and predicted that prices will remain unchanged until March.
Mr Qasemi made the remarks at the opening ceremony of the 15th International Conference on Technology and Innovation in the Oil and Gas Industry in Tehran.
He said that the current oil prices are good we are not expecting the prices to change in winter. Iran and Saudi Arabia have no disagreements in oil market issues and noted that the two countries share two joint oil fields. Iran’s recoverable oil reserves now stand at 154.8 billion barrels
Mr Qasemi said that the Islamic Republic’s recoverable oil reserves have increased to 154.8 billion barrels. With the discovery of the new oil reserves in the country, the level of Iran’s recoverable crude oil has increased from 151 billion barrels to 154.8 billion barrels.
He went on to say that Iran ranks first in the world in terms of hydrocarbon resources thanks to its plentiful reserves of oil, gas, and gas condensates. The two day 15th International Conference on Technology and Innovation in the Oil and Gas Industry, which was organized by the Institute for International Energy Studies, is currently underway at the Islamic Republic of Iran Broadcasting International Conference Center.
Mr Abdallah Salem el Badri secretary general of Organization of the Petroleum Exporting Countries, Mr Leonid Bokhanovsky secretary general of Gas Exporting Countries Forum and Mr Yahya Maroufi secretary general of Economic Cooperation Organization delivered speeches at the conference.
Mr Farhang Fasihi conference secretary said that the formulation of a roadmap for the oil and gas industry, the promotion of technology, the commercialization of research findings, the assessment of current technologies and the assessment of Iran’s capacity for domestically manufacturing equipment are some of the main issues being discussed at the conference.
Iran is OPEC’s second leading oil exporter after Saudi Arabia. Iran has the world’s second largest reserves of crude oil after Saudi Arabia and the second largest reserves of natural gas after Russia.
Mr Abdullah al Badri secretary general of OPEC said that oil consumers and producer countries are comfortable with current oil prices and expressed hope that the cartel’s member countries will reach a consensus over production targets at their December meeting.
Mr Al Badri said that the price of USD 100 is comfortable for the consumer and the producing countries the crude price is not expected to come down until the end of this year. I am hopeful that there will be an agreement over OPEC’s production target in the next meeting. There is no oversupply in the crude market and the market is balanced.
