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OPEC chief unconcerned if crude hits $100 a barrel
OPEC's leading oil price hawk Iran joined Venezuela and Libya yesterday to say it saw no need for the cartel to consider raising crude supplies to rein in prices which are nearing $100 (74) a barrel.Iranian oil minister Massoud Mirkazemi said some OPEC members saw no need to act even if prices went to $120 a barrel. The comments will be of concern for consumer countries worried that rising commodity costs are igniting inflation and jeopardising economic recovery. "None of the OPEC members find $100 concerning or irrational. Some of the OPEC members see no need for an emergency meeting even with prices at $110 or $120," Mr Mirkazemi, OPEC president for 2011, told a news conference. Posted by: tipper 2011-01-17 |
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