Iran plans major oil expo

April 4, 2011 at 9:29 AM
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TEHRAN, April 4 (UPI) -- Iran announced plans for what it said is the largest energy exhibition in the region among members of the Organization of the Petroleum Exporting Countries.

Iran said it would host foreign and domestic energy companies for a forum in Tehran that opens April 16. The Iran Oil Show 2011 will be the largest energy exhibition in the region for OPEC member states, the semiofficial Mehr News Agency reports.

Iran is struggling to increase its commercial activity in the face of mounting pressure on its energy sector from Western allies concerned about Tehran's nuclear ambitions.

Iran holds the rotating presidency of OPEC and the country holds some of the largest oil and gas reserves in the world. The Mehr report added that Tehran was working "diligently" to play a stronger role in the international energy market.

Energy prices are at levels not seen since the onset of the worldwide economic meltdown in 2008.

The United States and European Union announced in March that the Libyan National Oil Corp. was subject to economic sanctions. The conflict in Libya is a contributor to rising energy prices.

Japan, meanwhile, is taking on more crude and natural gas to make up for the energy deficit from its nuclear crisis.

Iranian Oil Minister Masoud Mir Kazemi said last week, however, that "there is no need for an emergency meeting of OPEC."

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