Zangeneh Lauds OPEC Members Cooperation

March 16, 2002 - 0:0
VIENNA Oil Minister Bijan Namdar Zangeneh said here Thursday that the OPEC members' cooperation in controlling output and abiding by production quotas has been positive.

He told IRNA that barring oil output cuts, the production will remain stable at current levels.

Zangeneh also called for non-OPEC members to cooperate with the organization, adding that "hopefully non-OPEC members will adhere to their pledges and commitments."

On the future oil prices, he added that currently it is impossible to predict future prices because of their heavy dependence on market demand.

"We opt for striking a balance between demand and supply in the market," the oil minister added.

Earlier in March, zanganeh said that OPEC welcomes the cooperation of the future independent crude oil producers with the aim of establishing stability and optimizing market prices.

He told reporters at the first conference on optimization of fuel consumption in buildings that the decision on oil production quota should be taken with care and that setting any output ceiling depends on the oil market condition.

He said the current maximum production of OPEC's crude oil would be valid till June, and pointed out that OPEC and non-OPEC oil producers all follow one goal which is the stability of oil market and achieving optimized prices.

The minister pointed out that the oil ministry is not responsible for determining the Caspian legal regime and said that the ministry wouldn't allow any party to engage in oil exploration within the 20-percent limit of Iran's borders.