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OPEC: $100 a barrel oil a fair price

OPEC’s leading oil price hawk, Iran, joined Venezuela and Libya yesterday to say it saw no need for the cartel to consider raising crude supplies to rein in crude prices now near $100 a barrel.

OPEC’s leading oil price hawk, Iran, joined Venezuela and Libya yesterday to say it saw no need for the cartel to consider raising crude supplies to rein in crude prices now near $100 a barrel.

Iranian Oil Minister Massoud Mirkazemi said some members of the Organization of the Petroleum Exporting Countries saw no need for producers to act even if prices went to $120 a barrel. The comments will be of concern for consumer countries worried that rising commodity costs are igniting inflation and jeopardizing economic recovery.

As holder of the rotating OPEC presidency, Iran has responsibility for coordinating any emergency meeting with OPEC’s Vienna based secretariat. The next scheduled meeting is not until June 2.

Venezuelan Oil Minister Rafael Ramirez said yesterday that $100 was “fair value” for crude, a position that Libya also backs.

The comments from Iran, Venezuela and Libya will leave consumer countries wondering whether more moderate producer Saudi Arabia and its Gulf allies Kuwait and the United Arab Emirates are prepared to take action to prevent prices escalating further.

 
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