In an exclusive interview with Shana, Mohammad Ali Khatibi said: while oil prices are fluctuating between 70 to 80 dollars, but the prices may shrink to the lower edge of the range in the first half of 2010. He added that this is while in the second half of the year it is hoped the prices to increase.
Stating that heating oil inventories have been lowered in the United State and Europe due to cold weather, Khatibi added: in the first half of 2010, increasing demand is not tangible. He said that after January and February cold season comes to an end and seasonal demand vanish so it is not expected oil price to be increased in the first half of the year.
Iran's OPEC governor said that we expect world oil demand to be increased in second half of 2010 by 1 to 1/4 million barrels a day.
He went on to say that world oil demand in 2009 averaged 84/4 million barrels a day and is envisaged to be the same in the first half of the current year, but in the second half of the year oil demand will increase remarkably and based on our projections would reach to 85/7 million barrels a day in the third quarter and 86/4 million barrels in the fourth quarter of 2010.
He concluded that in the second half of 2010, oil market would be ready to absorb more than OPEC's production capacity (29/4 mb/d).