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Teen solves centuries-old math problem
TEHRAN, Dec. 1 (UPI) -- There is a need to find a balance between generating revenue for investments in the oil sector and the declining market, OPEC officials said Monday in Iran.
Members of the Organization of Petroleum Exporting Countries signaled they may move at their Dec. 17 meeting to dramatically cut production quotas if the oil market continues to falter. Oil was trading Monday near $51. Saudi Arabia said during the weekend $75 was a target price.
Abdullah al-Badri, OPEC secretary-general, said at the 13th International Conference on Energy Management in Tehran that the oil cartel should not be intimidated by the world financial crisis, the official Islamic Republic News Agency said.
"OPEC member states should not be afraid of the present situation," he said.
Badri said Iran was one of the most important members of OPEC. Iranian oil officials have warned crude could hit $200 if the energy market was not effectively managed.
The oil cartel had agreed earlier to cut production by 1.5 million barrels per day as the world economy slipped into recession, with deflation impacting several markets.
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