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.

 

Heavy fighting shakes eastern Aleppo as army advances

Yemen prepares assault on Iran backed rebels near key strait

Palestinian Fatah conference ends with boost for Abbas

Nigeria and Morocco agree joint venture to link Africa to Europe

Blocked news website accuses Qatar government of censorship

China warns against obstruction of Iran nuclear deal

First buses take Aleppo residents back to ruined homes

Kurdish restrictions cause ‘unnecessary harm’ to Iraq Yazidis

Egypt court strikes down part of protest law

Syria army advances deeper into east Aleppo

US rules out military intervention in Libya

Saudi Arabia names new Labour Minister, reshuffles councils

Eight arrested in Morocco over alleged ties with IS

Syria regime seizes half of rebel parts of Aleppo

Europol warns of changing IS tactics

Palestinian contenders for Fatah posts set to declare

Protests erupt in Istanbul over ‘Aleppo massacre’

Aleppo family reunited after war kept them apart for months

Syria rebels put up fight for key Aleppo district

Obama unlikely to act on Israel-Palestine before leaving office

UN says torture 'widespread' after Turkey coup

International push aims to protect endangered heritage

Journalist's body found shot in Iraq’s Kurdish region

Iran urges Kenya to release two of its citizens

Morocco business diplomacy at heart of strategy to rejoin African Union

Turkish prosecutor calls for drop of Gaza ship charges against Israelis

Iran preparing ‘appropriate’ response to US sanctions renewal

Saudi government detects fresh hacking attempts

Qarawiyyin library holds written wonders

Putin getting admirers from US to Europe to Syria

Congress approves Iran sanctions extension

Staggering casualty toll in Mosul offensive

Pentagon says IS jihadists making 'last stand' in Sirte

Iraq faces post-IS problem in Shiite militias

Turkey detains business executive for alleged Gulen links

Putin says Russia not looking for enemies

Tunisia sentences protesters to 14 years in jail

Saudi increases jail term for rights activist to 11 years

Misery deepens for Mosul refugees with heavy rain

Turkish parliament to vote on bill expanding Erdogan’s power

UN envoy to Yemen, President meet in new peace bid

Syrian Grand Mufti rejects terrorism claims

Qatar blocks popular news website

Desperate civilians brave Aleppo front line

OPEC spares Iran oil production cuts