{"id":17265,"date":"2013-04-24T09:41:21","date_gmt":"2013-04-24T07:41:21","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/17265\/ice-brent-oil-gains-helped-by-comments-out-of-iran-concerning-prices\/"},"modified":"2013-04-24T09:41:21","modified_gmt":"2013-04-24T07:41:21","slug":"ice-brent-oil-gains-helped-by-comments-out-of-iran-concerning-prices","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/17265\/ice-brent-oil-gains-helped-by-comments-out-of-iran-concerning-prices\/","title":{"rendered":"ICE Brent oil gains helped by comments out of Iran concerning prices"},"content":{"rendered":"

\"ICEEuropean ICE Brent oil futures made gains in trading on Wednesday, spurred on by comments from Iran\u2019s Oil Ministry spokesman that any price lower than $100 a barrel for crude Oil would be definitely unreasonable.<\/p>\n

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

In London, Brent crude oil futures for June 2013 delivery was trading at $101.07 a barrel, 10:27 GMT this morning on the ICE Futures Exchange, or 0.8 percent up from this mornings open.<\/p>\n

Iran Hints at Minimum Price Level<\/strong><\/p>\n

Iran\u2019s Oil Ministry spokesman said yesterday that crude oil prices below $100 a barrel is “unreasonable” Press TV reported. Alireza Nikzad-Rahbar said that Tehran is discussing falling crude oil prices with all member states of the OPEC particularly with Saudi Arabia, said the report.<\/p>\n

Unanimous at $100<\/strong><\/p>\n

Members of the OPEC are all unanimous on US$ 100 or higher for a barrel of crude oil, said Mr. Nikzad-Rahbar, adding that “Negotiations and consultations have begun with OPEC members and it is likely that an agreement could be reached between the members without holding any extraordinary meeting. Under the present circumstances, 100 is a reasonable price for crude oil. Any price lower than 100 bbl for crude oil would be definitely unreasonable,” he was quoted as saying.<\/p>\n

Last week, the Iranian Oil Minister commented “We are monitoring oil price in the world markets and in case the price drops below 100 US dollars, negotiations will be held with other OPEC members to hold an emergency meeting.”<\/p>\n

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran\u2019s oil and financial sectors.<\/p>\n

Fear of OPEC Cut<\/strong><\/p>\n

There are possibilities that OPEC may cut oil supply\/output if prices fall further. “Saudi Arabia has said they prefer $100 Brent so expectations are if prices fell below $100, OPEC would cut production,” Mitsubishi Corporation risk manager Tony Nunan said.<\/p>\n

However, Brent oil prices are still averaging about $110 this year, possibly easing the pressure for any output cut, while global oil markets would have passed the weakest point in annual demand by end-May, Mr Nunan said.<\/p>\n

According to news reports, Venezuela’s top oil official said Thursday that OPEC officials were weighing holding a special meeting on the market if oil prices continue to fall further.<\/p>\n<\/p>\n

Here is the original:\u00a0
\nICE Brent oil gains helped by comments out of Iran concerning prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

European ICE Brent oil futures made gains in trading on Wednesday, spurred on by comments from Iran\u2019s Oil Ministry spokesman that any price lower than $100 a barrel for crude Oil would be definitely unreasonable. Latest Brent Oil Price In London, Brent crude oil futures for June 2013 delivery was trading at $101.07 a barrel, 10:27 GMT this morning on the ICE Futures Exchange, or 0.8 percent up from this mornings open. Iran Hints at Minimum Price Level Iran\u2019s Oil Ministry spokesman said yesterday that crude oil prices below $100 a barrel is “unreasonable” Press TV reported. Alireza Nikzad-Rahbar said that Tehran is discussing falling crude oil prices with all member states of the OPEC particularly with Saudi Arabia, said the report. Unanimous at $100 Members of the OPEC are all unanimous on US$ 100 or higher for a barrel of crude oil, said Mr. Nikzad-Rahbar, adding that “Negotiations and consultations have begun with OPEC members and it is likely that an agreement could be reached between the members without holding any extraordinary meeting. Under the present circumstances, 100 is a reasonable price for crude oil. Any price lower than 100 bbl for crude oil would be definitely unreasonable,” he was quoted as saying. Last week, the Iranian Oil Minister commented “We are monitoring oil price in the world markets and in case the price drops below 100 US dollars, negotiations will be held with other OPEC members to hold an emergency meeting.” At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran\u2019s oil and financial sectors. Fear of OPEC Cut There are possibilities that OPEC may cut oil supply\/output if prices fall further. “Saudi Arabia has said they prefer $100 Brent so expectations are if prices fell below $100, OPEC would cut production,” Mitsubishi Corporation risk manager Tony Nunan said. However, Brent oil prices are still averaging about $110 this year, possibly easing the pressure for any output cut, while global oil markets would have passed the weakest point in annual demand by end-May, Mr Nunan said. According to news reports, Venezuela’s top oil official said Thursday that OPEC officials were weighing holding a special meeting on the market if oil prices continue to fall further. <\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17265","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/17265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=17265"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/17265\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=17265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=17265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=17265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}