Wednesday, September 22, 2004

Iran's oil production to hit 3,960,000 bpd: OPEC official

Iran's oil production to hit 3,960,000 bpd: OPEC official: "Iran's oil production to hit 3,960,000 bpd: OPEC official
Given Iran's 14.6 percent production quota in the Organization of Petroleum Exporting Countries (OPEC), the country will increase its production by 146,000 barrels per day (bpd) as of the beginning of November, 2004, said Iran's representative to the Organization of Petroleum Explorting Countries (OPEC) on Tuesday, IRNA reported from Tehran.
Tehran Times, in its Wednesday edition, said that Hossein Kazempour Ardebili, referring to Iran's oil production quota following the recent OPEC decision to boost the cartel's production by one million bpd, said that "Iran's total oil production will hit 3,960,000 bpd starting from November."

Commenting on the results of consultations by OPEC members to change the organization's oil production basket and their decision regarding the new price limits, Ardebili noted that following such consultations the executive board and the long-term policies committee are to present their reports for OPEC members to make a final decision during the cartel's extraordinary meeting to be held in Cairo on December 10.

During their last meeting, OPEC members agreed that their next conference would be held in the northern Iranian city of Mahmoudabad, on March 16, 2005, Ardebili stated.

He further noted that the oil ministers of all 11 OPEC member states signified their intention to attend the meeting.

Referring to the current OPEC basket price, the official said, "Presently, all members are discussing the issue; however, all of them defend the current price of 25 dollars plus or minus $3." "

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