Iran sees rise in crude oil prices for 2010

Press TV reported that Mr Mohammad Ali Khatibi OPEC governor of Iran predicts a rise in crude oil prices for 2010 due to rising signs of recovery in the global economies. Mr Ali Khatibi said that there are hopes of likely recovery in oil market regarding demand capacity and the return of the global economy to the normal condition.

He said that “Weak US currency is the main reason behind the current rise in oil prices as the dollar hit a 14 month low against a basket of currencies last week. The recent oil prices show a better economic condition compared with the past and we should be confident that the USD 70 to USD 80 prices will not have negative effects on the economic recovery.”

Mr Khatibi noted that oil prices could increase from the current levels and an unexpected cold spell in the US might push up the prices. OPEC which in September agreed to maintain output quotas at 24.845 million barrels per day will hold its next meeting in Luanda, Angola on December 22nd 2009.

In a separate subject regarding Iran and the ongoing uranium enrichment saga, US Secretary of State Hillary Clinton said on Saturday that Iran should accept a deal that it has been offered on reprocessing enriched uranium because Washington and its allies had limited patience.

“We are willing to work toward creative outcomes, like shipping out the low-enriched uranium to be reprocessed outside of Iran, but we are not going to wait forever,” she told a news conference in Jerusalem. “Patience does have finally its limits and it is time for Iran to fulfill its obligations and responsibilities to the international community and accepting this deal would be a good beginning.”

Tags:  enrichment, Iran, oil price, OPEC members, uranium