Iran: $100 Oil Price, No Problem for World Economy

Ad Feedback

Iran says that if oil hits $100 a barrel, it will not hurt the global economy.

The statement comes after OPEC increased its estimate of the world's oil demand for the next year.

Oil was selling for $85 a barrel on Monday. It has been selling in the range of $70 and $90.

"Consumers and producers are unanimous that the oil at $70 - $90 prices are suitable prices and will not hurt the global economy," Mohammad Ali Khatibi, Iran's representative at the Organisation of Petroleum Exporting Countries (OPEC), told the oil ministry news agency SHANA.

"There are thoughts that increase in the price of oil up to $100 per barrel will not create problems for the market."

The International Energy Agency (IEA) said Friday that OPEC was increasing production fast enough to meet growing demand and cut compliance to the group's target output cuts.

Iran is the second largest oil producer in the world. OPEC members elected Iran as the organization's president for 2011.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

 CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.