OPEC will discuss market situation – OPEC Sec-Gen


Tehran : Secretary-General of the Organisation of the Petroleum Exporting Countries Abdullah al-Badri has said that OPEC member states will hold talks on stabilizing the oil market.

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Addressing the 13th International Conference on Energy Management underway here Monday, al-Badri said that the oil market needs more careful supervision.

Referring to the world financial crisis and fluctuations in the oil market, the OPEC secretary-general said that the developments have big impact on oil prices.

“OPEC member states should not be afraid of the present situation,” he said, adding that the right decisions can help tackle the problems in oil industry.

Al-Badri said that both oil consumers and oil producers should be concerned about investment in the oil industry.

Due to the world economic crisis that will decrease the oil demand next year, the OPEC member states have to support oil market and adopt effective measures for bringing oil price stability, he said.

Referring to the countries whose economy rely on oil revenues, he said that oil prices should be high enough to bring rational income for them in order to foster sustainable development in oil industry.

Demand for crude oil would be 113 million barrels per day by the year of 2030 that will pose a major challenge to OPEC member states.

The OPEC secretary-general termed Iran as one of the countries having the greatest world oil reserves that is playing active role in meeting oil challenges.

The 13th International Conference of International Energy Studies Institute titled “Energy Management” opened on Sunday in the presence of Oil Minister Gholam-Hossein Nozari and representatives from 17 countries.