Iran Official Says Oil Price May Reach 100, 150 Dollars
Posted on: Monday, 29 August 2005, 18:00 CDT
Text of report by Iranian TV on 29 August
[Announcer] [The price of] oil is still skyrocketing on world markets. Today, the price of oil was over 70 dollars and it actually reached 70.85 dollars.
[Correspondent] Perhaps, those who were predicting prices over 70 dollars per barrel over the last few weeks were astonished today when the price of oil reached 70.85 dollars for a while.
Today, all news agencies reported on this historic record. Observers of the oil market argue that the reason the price of black gold has increased is the arrival of Hurricane Katrina in the oil- rich areas of the Gulf of Mexico. Moreover, 30 per cent of America's oil supply is taken from this area and any reduction in or stoppage of the production of oil in the area will have an impact on the price of oil.
In any case, now that [the price of] oil is over its 70-dollar peak, some people are whispering about 100-dollar [per barrel] oil. Is that possible?
[Director for international affairs at the National Oil Company, Ghanimifard, identified by on-screen caption - recording] It seems to me that a figure like 100 [dollars] is something which will not be necessarily achieved. In fact, over the last few months, there was one case in which 103 dollars was paid [for oil] on the spot market. However, one deal cannot determine pricing policy for one day or for a seasonal process. However, it seems to me that if the energy situation cannot be resolved in America and if there is still pressure on the market because of demand, then the price may even go higher than such figures and there are even predictions and estimates that [the price] may even reach 150 dollars.
[correspondent] With the increase in the price of oil on international [markets], the price of our country's oil has increased too. The latest price of Iranian light crude per barrel for delivery at the mouth of the Suez Canal was 58.34 dollars.
Source: BBC Monitoring Newsfile
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