Crude oil ought to be $150 per barrel: Iran

reuters.com ^ | 9-16-12 | reuters

[NoLibZone]

Crude oil should be at least $150 per barrel, Iran's oil minister was quoted as saying on Sunday, and the sanctions-hit country's OPEC governor said current oil prices were not high enough to threaten the world economy.

Benchmark Brent crude prices rose to nearly $118 a barrel on Friday, stoking fears that surging energy costs could harm fragile economic growth. Days earlier, Saudi Oil Minister Ali al-Naimi said he was worried by high prices and the kingdom would take steps to moderate them.

Iranian oil officials say oil prices are still fairly low and deny there is any danger of current prices hampering growth.

Iranian oil minister Rostam Qasemi said on Sunday crude oil ought to be at least $150 per barrel, the Iranian Students' News Agency (ISNA) reported.

"During the winter, oil prices always climb," Qasemi said. "So it's natural that this year as well we will have a rise in oil prices in the winter."

Mohammad Ali Khatibi, who represents Iran on the board of governors of the Organization of the Petroleum Exporting Countries (OPEC) told the oil ministry news website Shana that even price-sensitive consumers saw $100 a barrel as fair.

He argued that prices a "few dollars" above that level were unlikely to upset Western economies.

[NoLibZone]

The greens want the US to be dependent on ME oil.

They are war mongers.

[cripplecreek]

There’s a delicate balance that must be kept. Tip it too far and the profitability of drilling elsewhere comes into play.

[Former Proud Canadian]

I have an idea. By a stroke of the pen the US President can increase supply in the near future by 600,000 barrels/day. This supply will flow directly to US gulf refineries from a secure place unaffected by riots or demonstrations. It will not cost US taxpayers a cent, and will create thousands of jobs.

Keystone, brought to you by TransCanada Pipelines.

[Gay State Conservative]

Before too long the price of oil is gonna be very low on the list of priorities of the Iranian mullah's,their minions or,alas,ordinary Iranians.

[Jonty30]

It is my understanding that the Iranian economy is unsustainable, due to low oil prices.

Unhappy Iranians are a threat to the regime.

[Shady]

Ah but that would make evil billionaire Warren Buffet mad since he has the monopoly on transporting crrude via BNSF.

[Carry_Okie]

Considering how the Fed has been inflating the currency, in a way, he’s right.

[BradtotheBone]

With Helicopter Ben printing $40 Billion a month, it will be $150 a barrel very soon.

[BobL]

$150 per barrel is $4.00 per gallon. Add in other costs, maybe $5.50 per gallon.

That’s still less than half of the per-mile costs of Governor Perry’s toll roads (here in Texas)...at least for most cars.

[afraidfortherepublic]

Drill here; Drill now; Approve Keystone.

[Chode]

Irant should be turned into a parking lot - Chode...

[mamelukesabre]

That’s too much work. Lets just do Tehran and call it goodnuf.

[familyop]

It probably will go to $150 and beyond, but not because Iranian leaders want that to happen. There are huge numbers of new drivers in several large populations every year, and manufacturing continues to go strong in those countries. Those populations dwarf ours.

[Eye of Unk]

If we had Sarah Palin behind it as well as the GOP nominee it would be guaranteed.

Nope, instead we get something else that so far is whimpering and cowering at the starting gate.

[Chode]

works for me...

[elkfersupper]

Actually, crude oil should be less than $2 a barrel, but nobody has the political courage to make that happen.

[Former Proud Canadian]

Romney will build the Keystone. Well, he will let TransCanada build it, on day 1.

It's a no-brainer. I wonder why Obama hasn't thought of it.

[Celtic Conservative]

Yeah and Iran should be a glass paved, self -illuminating parking lot, too so I guess We all dont get what we really want.

CC

[MNJohnnie]

Iran should be a free democratic state.