Posted by: The Busy Post | September 16, 2012

Crude oil ought to be $150 per barrel: Iran | Reuters


According to http://gascalc.appspot.com/ if a barrel of oil was $150, a gallon of gas would be $4.59.  That’s a 150% increase since Barry took office.  How’s that for ‘Hope and Change’?

(Reuters) – Crude oil should be at least $150 per barrel, Iran’s oil minister was quoted as saying on Sunday, and the sanctions-hit country’s OPEC governor said current oil prices were not high enough to threaten the world economy.

Benchmark Brent crude prices rose to nearly $118 a barrel on Friday, stoking fears that surging energy costs could harm fragile economic growth. Days earlier, Saudi Oil Minister Ali al-Naimi said he was worried by high prices and the kingdom would take steps to moderate them.

Iran oil minister: Sanctions ineffective

Iranian oil officials say oil prices are still fairly low and deny there is any danger of current prices hampering growth.

Iranian oil minister Rostam Qasemi said on Sunday crude oil ought to be at least $150 per barrel, the Iranian Students’ News Agency (ISNA) reported.

“During the winter, oil prices always climb,” Qasemi said. “So it’s natural that this year as well we will have a rise in oil prices in the winter.”

Mohammad Ali Khatibi, who represents Iran on the board of governors of the Organization of the Petroleum Exporting Countries (OPEC) told the oil ministry news website Shana that even price-sensitive consumers saw $100 a barrel as fair.

He argued that prices a “few dollars” above that level were unlikely to upset Western economies.

“Current oil prices represent nominal prices of the commodity,” Khatibi was quoted as saying by Shana.

“Considering the inflation rate and other economic issues, it could be argued that real oil prices are between $70 to $80 or $10 to $15, respectively, when we consider the year 2000 or 1970s as the reference.”

Khatibi said U.S. and European governments should focus on solving their deep structural issues such as huge budget deficits, rather than blaming rising oil prices for their problems.

Brent crude oil prices have surged more than 20 percent since OPEC last met in June, hovering between $112-$118 a barrel since mid-August, despite concerns over the world economy.

“Current oil prices are the result of natural developments in world oil markets,” Khatibi said, adding that the United States is trying to “artificially” bring down prices by pressing oil-producing countries to raise output.

U.S. administration officials met analysts in early September in a move seen by some as a sign that President Barack Obama was considering releasing government reserves in a bid to bring down fuel prices in the run-up to the November elections.

Last week the International Energy Agency, which represents developed energy consuming countries, said global oil demand was likely to be muted over the next year and supply and inventory levels looked comfortable, implying there was no need to release emergency stocks to curb prices.

STILL SECOND

Rejecting analysts’ estimates that Iran has slipped into third place behind Iraq in OPEC output rankings since Western sanctions on its exports tightened in July, Khatibi said official figures from Tehran showed Iran was surpassed only by Saudi Arabia.

“We are responsible towards those figures we present directly to OPEC Secretariat, the figures that show Islamic Republic of Iran maintains its position as the second-biggest oil producer in OPEC,” he said.

In its latest monthly report, secondary sources cited by OPEC show Iraq overtook Iran as the 12-member group’s second-biggest producer in July, with further rises in Iraqi production and the continuing decline of Iranian output to 2.77 million barrels per day (bpd) in August widening the gap.

Official Iranian government figures put production in August at 3.75 million bpd, compared with Iraqi government figures of 3.17 million, according to OPEC.

via Crude oil ought to be $150 per barrel: Iran | Reuters.

Advertisements

Responses

  1. […] Crude oil ought to be $150 per barrel: Iran | Reuters […]


What are your thoughts?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

HonkyTonkJew

when 140 characters is not enough

Political Alchemist's Blog

A conservative wizard's WordPress.com site

Our Lives begin to End The Day We Become Silent About The Things That Really Matter!

As America goes, so goes the world--Praying for a spiritual renewal in America

A Patriotic Nurse

God, Country, Constitution

sharia unveiled

illuminating minds

moralmatters.org

A COMMENTARY WEBSITE FOR SEARCHING SOULS, FRUSTRATED TAXPAYERS, AND INDIVIDUALS WHO ARE WEARY OF CORRUPT BIG GOVERNMENT, SCIENTISM, FALSE REALITY EVENTS, MISINFORMATION PROPAGANDA MAINSTREAM MEDIA AND NEO-NAZI POLITICIANS

saneromeo

"In a time of universal deceit - telling the truth is a revolutionary act." George Orwell

Nonoy Manga

Manga, Hand Drawn, Animation, Drawing Lessons.

The Clockwork Conservative

All wound up about politics, history, culture... lots of stuff.

Conservative First

putting principles before party and technology into politics

divadoll123

Absolutely, positively, and unequivocally NOT an Obamamama!

iLLuMiNuTTi.com

Where critical thinking is critical

The Busy Post

------ "Nowhere at present is there such a measureless loathing of their country by educated people as in America." ------ Eric Hoffer

22MOON.COM

You can see the whole Earth from the Moon!

All Mirth and No Matter

opinions on writing, reading and pretty much anything not 'rithmatic

The United States Patriot

A topnotch WordPress.com site

rodalena

"A fool also is full of words…" -Ecclesiastes 10:14a

Amber Qalagari

Traveler. Writer. Adventure Seeker.

et cetera*

Asininities of the Human Kind

Oyia Brown

A WordPress site to share a smile; then an anthology showing how things really are.

AmeriKim Patriot

Extreme American and PROUD!

Texana's Kitchen

Yummy food. Pithy commentary. Pretty pictures.

STI News

Politics Music News Satire And Entertainment

We Moved > Go To:

WWW.THEMADJEWESS.NET

rope

people just need enough rope

Economists For Romney

Economists Supporting Mitt Romney for President

Just Cruisin 2

Where Intellectuals and Rednecks foregather.

Armor of God

Attempting to obey God and follow Jesus Christ our Lord

YouViewed/Editorial

News , Blues and Guns ... Not Necessarily In That Order

Douglas Ernst Blog

Bare-knuckle commentary mixed with pop culture.

So I Married A Baseball Player...

Behind every married baseball player is a woman who didn't know what she was getting herself into.

living is a process

...so please be patient with me.

blogsense-by-barb

at the Re-Birth of America!

SOYLENT GREEN

Just What You Need When You're Freezing In The Dark

ahsbling

More Than Your Ordinary Bling

Real Life Dynamics User

Real Life Experiences With Microsoft Dynamics GP / CRM

Common Sense Newz

"The cause of America is in a great measure the cause of all mankind" Thomas Paine, Common Sense, 1776

Young, Republican, & Free

Politics; As Seen by an Eighteen Year Old Republican

The Steadfast Patriot

Where Common Sense Reigns Supreme

The Mad Jewess

Mirror Site For Reflection

Samaritans Scalawags Scoundrels Fleecing the Sheep

Skulking Down the Dirt Roads of Life

Common Sense

Life, liberty and property!

4ever21christina

A blog for the happy, modern, well-rounded woman

Clement Allen Photography

Updates about my gliding and photographic life will appear here.

southernstylemusings

An Amateur Economist's Perspective on the Political Battlefield

Without wax /

Andy Ritchie blog

The RAP Sheet

(opinions of that rarest of creatures: a Republican Atheist Professor)

%d bloggers like this: