Iran sees higher crude price in coming days

"In coming days we will witness another increase in oil prices," Hojjatollah Ghanimifard said.

Iran sees higher crude price in coming days

A senior Iranian oil official said he expected crude prices to rise in coming days with the approach of summer, a newspaper reported on Saturday.

"In coming days we will witness another increase in oil prices," Hojjatollah Ghanimifard, a senior oil official, told Tehran-e Emrooz daily.

Iran's OPEC governor Mohammad Ali Khatibi said on Friday the oil market was oversupplied, adding it was unlikely for OPEC members to reach an agreement on any crude output change at an energy meeting in Saudi Arabia on Sunday.

Iran has often said it sees no need for the Organization of the Petroleum Exporting Countries (OPEC) to boost output, as the United States and other big oil consumers want.

Oil rose towards $135 a barrel on Friday after plunging nearly $5 in the previous session on China's unexpected fuel price rise.

With high fuel prices sparking protests worldwide, the world's fourth-largest oil exporter has repeatedly said the market is well-supplied and blames rising prices on speculation, a weak dollar and geopolitical tension.

Saudi Oil Minister Ali al-Naimi said on Friday Saudi Arabia will lift output to 9.7 million barrels per day (bpd) in July.

That would be a rise of 550,000 barrels per day (bpd) or more than 6 percent since May and would take Saudi crude output to its highest monthly rate since August 1981, according to U.S. Energy Information Administration data.

Reuters
Last Mod: 21 Haziran 2008, 17:06
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