Iran: Current OPEC Output will Raise Prices

Iran’s OPEC Governor, Mohammad Ali Khatibi, said that although OPEC’s March production report has not been published yet, OPEC production was 28 million bpd in February and demand for OPEC oil has been predicted at 28.5 million bpd for the 2^nd quarter of 2009. If OPEC continues its 28 million bpd oil production until the end of 2009 prices will rise to US$60 per barrel of oil due to a decrease in global oil supplies. – IRNA