Iran's oil minister ready for OPEC meeting

TEHRAN, Sept. 8 (UPI) -- The new Iranian oil minister will bring his expertise in international trade to the next regular meeting for OPEC, Iran's governor to the oil cartel said.

The Organization of Petroleum Exporting Countries holds it next regular meeting in Vienna on Wednesday. Iranian OPEC Governor Mohammad Ali Khatibi said Massoud Mir Kazemi, the new oil minister and former commerce minister of Iran, was prepared for the meeting, the Petroenergy Information Network reports.

"The new oil minister (is) familiar with the atmosphere of international trade," Khatibi said.

Kazemi replaced Gholamhossein Nozari as the Iranian oil minister. He said he would put a $15 million, five-year development plan for the energy sector at the top of his national priority.

The OPEC governor, meanwhile, said he expected the organization would keep production quotas untouched despite some modest dissatisfaction with the pace of recovery in the energy sector.

OPEC cut its production quota in 2008 to control plummeting oil prices, which gave up more than $100 per barrel since the recession took hold. Oil prices recovered to around $70 in recent trading, however.