Iran sees oil price up on non-OPEC output

TEHERAN - The oil price is expected to increase this autumn and winter because non-OPEC countries have failed to raise production to meet demand, a senior Iranian official was quoted as saying on Sunday.

By (Reuters)

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Published: Sun 20 May 2007, 6:38 PM

Last updated: Sat 4 Apr 2015, 11:06 PM

Mohammad Ali Khatibi, deputy director for international affairs of the National Iranian Oil Company (NIOC), told the Mehr news agency that oil production by countries outside OPEC had declined somewhat this year, not risen as had been predicted.

“The price of oil in the current year’s fall and winter will increase because of non-OPEC countries’ inability, despite their claims, to meet demand,” he said.

“If OPEC is to leave the consuming countries to use their reserves, the price of oil in the fall and winter of the current year will increase,” Khatibi added.

On Friday another senior Iranian official was quoted as saying oil prices would rise further because the market is concerned about constrained gasoline supplies for the US market ahead of peak summer demand.

Oil prices have surged to around $70 a barrel on worries about gasoline supplies. Prices dipped on Friday but are still near eight-month highs.

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