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To: BigBull who wrote (42036)	4/11/1999 10:55:00 AM
From: BigBull	Respond to of 95453

An Iranian MP's view on "the storage problem" thr 056 oil-prices-zarrigol-interview experts comment on reasons for fluctuating oil prices tehran, april 11, irna -- commenting on the reasons for fluctuation in oil prices during the past few days, morteza zarrigol, an mp from kurdestan province said that america along with a few other countries such as japan, s.korea and singapore stored considerable amounts of oil last year when oil prices were low, which lead to a drop in oil prices in the world markets when opec could not agree on a production cut. in an interview with the english daily 'tehran times' published sunday, zarrigol who is also member of the parliamentary oil commission added that oil prices will reach their actual level in the world market, between dlrs 18 to 20 per barrel in case opec member states cement their agreement on reducing their daily production. ''if iran, as a member of opec, manages to persuade the member states not to inject more oil than what has been already decided on into the market, then it will be possible to sell oil at dlrs 18 a barrel,'' he said adding ''over-production of oil by giant oil producing nations like saudi arabia caused the tiny oil companies to go bankrupt.'' on the role of the american mobil oil company in soaring of oil prices, zarrigol said ''what we suffer from is lack of investment and expertise,'' adding ''we can hardly produce sufficiently to meet our own needs let alone over-produce. investment of giant oil companies like mobil, which is one of the companies determining the oil price in the world, can as much make up for our lack of expert work force as it can increase oil prices. this will be in the interest of the country, he stressed. hassan solh-joo, editor of daily arya's economic desk said ''oil storage by u.s. in the past year coupled with venezuela's refusal to reduce oil production caused a drop in oil prices,'' adding that since any goods have its sales season, oil is predicted to best sell in early fall which leads to an increase in its price.'' solh-joo declined to acknowledge the cooperation of the american mobil oil company with iran effective, saying ''since the relations between iran and the u.s. are sour at the moment, we can rely on european companies to contribute to improving iranian oil industry.'' fh/rr end ::irna 11/04/99 15:26