{"id":13057,"date":"2011-01-17T08:44:43","date_gmt":"2011-01-17T07:44:43","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13057\/wti-oil-trading-firm-at-91-iran-says-100-not-unrealistic\/"},"modified":"2011-01-17T08:44:43","modified_gmt":"2011-01-17T07:44:43","slug":"wti-oil-trading-firm-at-91-iran-says-100-not-unrealistic","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13057\/wti-oil-trading-firm-at-91-iran-says-100-not-unrealistic\/","title":{"rendered":"WTI oil trading firm at $91, Iran says $100 not unrealistic"},"content":{"rendered":"

WTI oil prices open Monday’s trading session firm over $91 a barrel as the latest comments from Iran’s Oil Minister suggest that Iran and other OPEC member countries expect oil prices to move over $100 a barrel later this year.<\/p>\n

Latest WTI Oil Price<\/strong><\/p>\n

US Light crude oil futures for February 2011 delivery was trading at $91.27 a barrel, 07.30 GMT this morning on the NYMEX.<\/p>\n

$100 Not Unrealistic, No Emergency OPEC Meetings<\/strong><\/p>\n

Oil prices crossing the $100 a barrel mark is possible but would not merit an emergency meeting of OPEC, Iran’s Oil Minister Masoud Mirkazemi who currently heads the cartel said on Sunday.<\/p>\n

“The price of $100 is not unrealistic in this situation. Even if the oil price crosses $100 a barrel there is no need for an emergency OPEC meeting. Some OPEC members believe there is no need for an emergency meeting even if oil reaches $110 or $120 a barrel.” Mirkazemi told reporters.<\/p>\n

At its last meeting at Quito, OPEC member countries decided to leave oil output quotas unchanged, stressing the looming risks to the fragile global economic recovery.<\/p>\n

Some OPEC members including Iran, Venezuela and Libya were urging higher oil prices at Quito to above $100 a barrel to offset what they said were rising oil production costs.<\/p>\n

The next scheduled meeting for OPEC to discuss oil output levels is in June.<\/p>\n

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