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Iran sees high oil prices through 2011

April 20, 2011 at 7:48 AM   |   Comments

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TEHRAN, April 20 (UPI) -- Indicators driving the price of oil on the world market suggest increases through the end of the year, the Iranian OPEC governor warned Wednesday.

An economic recovery in major world markets coupled with unrest in some Middle Eastern and North African major oil-producing states helped push crude oil prices to two-year highs.

Iranian OPEC Gov. Mohammad Ali Khatibi said demand and increased prices should be the trend for the rest of the year because of fundamental market mechanisms and what he described as psychological and unpredictable parameters, Iran's state-funded broadcaster Press TV reports.

Crude oil production is up modestly though Khatibi said he expected global demand would increase by as much as 1.6 million barrels per day. Overall demand from members of the Organization of the Petroleum Exporting Countries stood at around 29 million barrels per day, he added.

Iran insists there is no need for an extraordinary meeting for OPEC to weigh production quotas or prices. The next regular meeting is scheduled for June in Vienna.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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