Nov 02 2011
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Oil reserves at 154.8b barrels
According to the conference secretary, Farhang Fasihi, formulating a roadmap for the oil and gas industry, promoting technology, commercialization of research findings, the assessment of the existing technologies and the evaluation of [Iran's] capacities for the domestic manufacturing of necessary equipment are among the major issues of the conference.
The official noted that oil industry is based on technology and promoting technology management in the sector will reduce dependence on other countries.
Meanwhile, El-Badri said the global crude oil market is balanced and the current prices are reasonable.
He made the remarks on the sidelines of his meetings with Qasemi in Tehran on Monday, Shana reported.
He described the current crude prices as reasonable and satisfactory, and said, "There is no oversupply in the crude market and the market is balanced."
El-Badri arrived in Tehran on Monday on the invitation of Qasemi, who is the rotating president of OPEC, to attend Iran's 15th International Conference on Technology and Innovation in Oil and Gas Industry.
Qassemi also said he expects oil prices to remain unchanged until the end of this winter.
"Demand and supply in the market determine the price of oil. Although at present the price has decreased due to political and economic developments, it seems the present price will remain steady until the end of winter," he told reporters on the sidelines of the conference.
He further pointed to the OPEC's upcoming meeting on December 14 at its headquarters in Vienna, Austria, and said that before the next meeting Iran will consult other members on the state of the oil market.
Iran along with African countries and Venezuela, blocked a Saudi-led proposal to increase output targets at OPEC's last meeting on June 8, but Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally afterwards.
Iran is OPEC's second largest oil producer and the fourth largest crude oil exporter.
The country holds the world's third-largest proven oil reserves and also ranks second in the world in natural gas reserves after Russia with available gas reserves estimated at over 33 trillion cubic meters.
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