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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (36969)	12/1/2004 8:24:11 AM
From: Larry S.	Respond to of 206179

Iran Doesn't See $50-$70/Bbl Oil As High Price - Official DOW JONES NEWSWIRES TEHRAN (Dow Jones)--A senior Iranian oil ministry official said Monday that he doesn't regard $50.00-$70.00 a barrel as a high oil price. "I support higher oil prices, since in their reports (Western energy organizations) regard prices of up to $70/bbl as being on par with those prevalent in the late 70s (given nominal prices)," said Hadi Nejad-Husseinian, deputy oil minister in charge of international affairs. He added that Iran doesn't support the idea of keeping crude oil prices within the $22 to $28/bbl price range mechanism set up by the Organization of Petroleum Exporting Countries. Nejad-Husseinian said in view of the weakening U.S. dollar against the euro and other major international currencies, "the $50 to $70 per barrel price is not really a high price, therefore I suppport a new range for OPEC oil price higher than now prevalent." He added, that this has to be reviewed. Maintaining high OPEC prices would require cutting back on production, he said. But given current high demand for oil because of the winter in the northern hemisphere there is no need to cut output, he added. He said Iran has discussed OPEC policy and oil prices with a Venezuelan delegation to Tehran, led by President Hugo Chavez. Nejad-Hussenian said Venezuela also favors high oil prices and the two countries were coordinating their policy for December's OPEC meet in Cairo.