Iranian Oil Minister Rostam Qasemi has urged the Organization of Petroleum Exporting Countries (OPEC) to maintain its crude output ceiling given the current situation of the global oil market, Press TV reports.
Å“We see the current situation in the market as balanced, and that the OPEC should not go for an increase in production. Rather, we need to have an eye on supply cuts considering the current market prices,” Qasemi said on Thursday on the eve of the 163rd ordinary OPEC meeting in Vienna, Austria.
The 12-member organization will probably keep its output ceiling of 30 million barrels per day to sustain the key price level of 100 dollars per barrel.
Å“The Islamic Republic of Iran always seeks to maintain a balance in global crude markets,” Qasemi said.
Iranâ„¢s Oil Ministry Spokesman Alireza Nikzad-Rahbar said on April 23 that OPEC members are unanimous on an oil price of USD 100 per barrel or higher.
Å“Under the present circumstances, USD 100 [per barrel] is a reasonable price for crude oil. Any price lower than USD 100 for a crude barrel would be definitely unreasonable,” Nikzad-Rahbar stated.
OPEC is a Vienna-based intergovernmental organization of 12 oil-producing countries, which groups Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. It accounts for about 40 percent of the worldâ„¢s oil supplies.
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This article originally appeared on: Press TV