First Published: 2013-04-17

 

Iran considers oil price at $100-120 'logical'

 

Analysts say OPEC could cut back production if Brent price crosses below $100.

 

Middle East Online

TEHRAN - Sanctions-hit Iran considers the "logical" price of crude to be around $100 to $120 a barrel, its oil ministry said on Wednesday, ahead of an OPEC meeting next month.

"The logical price for oil is around 100 and 120 dollars a barrel," ministry spokesman Alireza Nikzad told reporters on the sidelines of an oil and gas trade fair in Tehran.

Oil prices were mixed in trade on Wednesday.

New York's main contract, light sweet crude for delivery in May, fell 10 cents to $88.66 a barrel but Brent North Sea crude for June was up 11 cents at $100.20. The Brent contract on Tuesday fell below the $100 mark for the first time since July.

The $100 price for Brent is considered ideal by OPEC kingpin Saudi Arabia, the world's top oil exporter, Commerzbank analysts noted, and crossing below it could prompt the oil cartel's members to cut back production to support prices.

OPEC is set to meet in Vienna on May 31.

Iran is OPEC's fourth biggest producer, after Saudi Arabia, Iraq and Kuwait, according to the group's data. In 2011, it ranked second.

Its output dropped to 2.67 million barrels per day in February, from 2.72 the previous month, OPEC said in April, citing secondary sources.

Tehran's own communications, however, still insist on its position as runner-up, putting oil production at 3.7 mbpd in February, the last month for which figures were available, the OPEC report added.

Iran has been under an oil embargo imposed by the European Union since July 2012, when European purchases of Iranian crude ended and also led to decreasing Tehran's oil exports to its Asian customers from 10 to 30 percent.

 

IS bid to seize Kobane stalls amid air strikes

Tunisian women, children caught up in police-gunmen standoff

South Yemen separatists vow to intensify secession protests

Saudi Arabia jails mothers for preparing sons to wage jihad

Morocco fossils: A rare and vanishing treasure

Germany offers to help Armenia forge peace with Turkey

Libya wakes up from ‘Dubai dream’ to face Somalia-like ‘failed state’

Relatives of Iraq massacre victims: Blackwater guards should be killed

Ghannouchi makes it clear to Tunisia: It’s either political Islam or Daesh!

Deadly clashes erupt after army raid in northern Lebanon

200 Iraqi Kurd fighters to travel through Turkey to Kobane

Coalition strikes in Syria eliminate more than 500 jihadists in one month

Ahead of elections, new clashes remind Tunisia of need to fight terror

Jury finds Blackwater guards guilty of 2007 'massacre' in Iraq

Iraq Kurds approve reinforcements for Kobane

Israel classifies car crash as ‘hit and run terror attack’

Turkish woman arrested for stepping on Koran

Erdogan criticises US for airdrops on Kobane

Iraq schools provide shelter but late to open for classes

Syria air force shoots down two of three 'IS warplanes'

Egypt court rules on ‘Nasr City terror cell’

Fire from Egypt wounds two Israeli soldiers near border

By hook or by crook, settlers notch up property gains in East Jerusalem

Turkey envoy meets leader of parallel government in Libya

Israel arrests seven Palestinian fishermen off northern Gaza

Khamenei to Abadi: Iraq can beat 'Islamic State' without foreign troops

Saudi special court rules in cases of riots and terrorism

Libya army scores small victory in Benghazi

Only in Libya: Government calls for civil disobedience

Kasserine reaps bitter harvest from Tunisia revolution: Poverty and terrorism

Iraq Kurds set to vote on deployment of Peshmerga forces to Syria

Islamic State ‘share in US weapons’ embarrasses Pentagon

Alderton: Morocco unrivalled business gateway to sub-Saharan Africa

Protests over IS turn Istanbul University into war zone

Turkey eyes stricter punishment against lawbreakers at protests

For Sudan President: Promises are something and re-election is something else

Iran returns Abadi to ‘house of obedience’

From traditional military to counterinsurgency force: Syria army grows more capable

South Sudan rivals accept 'responsibility' for civil war

British drones in Iraq also used for Syria surveillance

Turkey launches new wave of wire-tapping arrests

Rise of Shiite militias challenges government authority in Iraq

Syria Kurds show impressive resistance to ‘Islamic State’ in Kobane

Vote or boycott: Grim record of self-serving politicians puts off voters in Tunisia

Egypt universities tighten security to avoid new Islamist violence