OPEC Oil Output Change Possible in December: Iran
13:24 (Tuesday, October 27, 2009)
TEHRAN (PIN) - OPEC could change crude oil output in December if some factors continue to change, IRI Oil Minister said here Monday.
"OPEC will not hesitate to change its production in December," Masoud Mirkazemi told reporters, adding that the decision was dependent on the world's oil stocks, non-OPEC production level and oil demand resulting for weather conditions.
The 12-nation Organization of Petroleum Exporting Countries (OPEC), whose members pump 40 percent of the world's crude oil, will hold its next meeting in Luanda, Angola on December 22.
Mirkazemi speaking at the end of his one-day visit to Ahwaz added: "Changes in one of the factors for example If prices, stocks and demand change, then member countries will take the decision to change the production in the session."
At its last meeting in September OPEC agreed to maintain output quotas at existing levels. The organization's official daily output level has stood at 24.84 million barrels a day since January.
Oil prices tumbled from historic highs of more than 147 dollars in July 2008 to about 32 dollars in December in response to the global recession but have since clawed back ground on economic recovery hopes.
The recent price spurt has been fuelled by a weak US currency, which makes dollar-priced crude cheaper for holders of stronger foreign units.
But there are doubts on whether oil prices can be sustained at levels above 80 dollars given the still fragile state of the global economy.
The International Energy Agency, representing the interests of oil consuming nations, has also spoken of uncertainty on the oil market.