VIENNA, 14 Sept. (IPS) The usually calm city of Vienna continue to be one of the world’s most news generating point, as alongside of the ongoing battle in the International Atomic Energy Agency (IAEA) over the controversial Iranian nuclear activities, ministers from the Organisation of Petroleum Exporting Countries (OPEC) are also here to discuss the situation of oil markets, as prices hovers around 40 dollars per barrel.
OPEC is also divided on weather raising its official $22-$28 price target to a range centred around a $30-a-barrel or to keep the present system
The cartel, which supplies more than a third of the world's oil, will continue to produce as much crude as possible to lower near-record prices, the oil ministers for two members, Qatar and Algeria, said ahead of the OPEC’s meeting on Wednesday.
Informed sources told Iran Press Service that besides seeking “practical” ways and means to lower the prices, the ministers faces the thorny question of naming the next president of the 11 members Organisation as well as considering changing the present target price range of 22 to 28 US Dollars a barrel, a bracket that had been ignored during last nine months, with prices hitting 49.40 a barrel in New York.
OPEC is also divided on weather raising its official $22-$28 price target to a range centred around a $30-a-barrel or to keep the present system.
"We do not see a reason at this time to change or do anything with the band", Saudi Oil Minister Ali al-Na’imi told reporters upon his arrival in Vienna, were both OPEC and IAEA are based.
Iran has told other members that it is time that the job is given to an Iranian, in this case Mr. Kazempour Ardebili
OPEC output, including Iraq, rose 360,000 barrels a day to an average of 29.92 million a day in August, at a 25-year high for a second straight month, according to Bloomberg data. The 10 members with quotas, all except Iraq, pumped 28.1 million barrels a day.
OPEC is pumping 2 million barrels per day above its quota of 26 million and most of its members think that there is not a shortage of crude oil on the market, but speculation.
The group is meeting for the fourth time so far this year and may gather again in November or December.
On the presidency of the organization, sources said Iran has told other members that it is time that the job is given to an Iranian, in this case Mr. Kazempour Ardebili.
But Kuwait is also seeking the position.
“The chips are high and members divided, but it seems that Iran is the favorite”, one source told IPS, adding that Mr. Namdar Zanganeh, Iran’s Oil Minister, has warned colleagues that if Mr. Ardebili is rejected, Iran might create difficulties for the 40 years-old cartel.
Meanwile, on the other end of the city, participants at the IAEA meeting were reported to face serious problems on various fronts, as some medium-sized European Union members have put up a challenge to the Union's "Big 3" in the one hand and the Non aligned group opposing the draft resolution prepared by Britain, France and Germany.
Italy and Spain are spearheding a movement contesting that the so-called Big 3 should decide for the whole 25-members European Union on dealing with Iranian nuclear issue, sources said, adding that debates on the sidelines of the meeting aimed at watering down the EU's trio resolution that gives Iran until November to convince the EU, the US and the IAEA on its intentions has resulted in the posteponment of the session until Thursday. ENDS OPEC 14904