Jan 29 2006 |
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Iran's reduced oil quota can hardly be compensated: Khelil Algiers
Algerian Minister of Energy and Mines Chakib Khelil on Sunday said that if Iran does reduce its oil export, it can hardly be replaced.Speaking to reporters, he added that if Iran decides to produce less oil, it can hardly be compensated by the oil producing states.
Turning to the next week's OPEC ministerial meeting in Vienna, he said, "Every time OPEC faces such a reduction by any of its member states, it attempts to make up for it to stabilize the market.
Concerning oil price under the current conditions, he said that it will be ideal if the oil price remains around 50 dollars per barrel rather than soaring to 100 dollars and dropping right away.
"It will be in the interest of neither the producers nor consumers that the oil price goes up to 100 dollars per barrel at one time and drops to the lowest rate immediately," he added.
Khelil said that OPEC constantly attempts to make the market stable to secure the benefits of producers and consumers at the same time.
The minister said that the interest of his country in
participating in Iran-India-Pakistan gas pipeline project is currently just an idea and that Algeria merely considers such participation within the framework of trade rather than politics.
He added that the profitability of the project is now being assessed by Algerian experts.
© IRNA 2006
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