TEHRAN -- Iran's representative in the Organization of Petroleum Exporting Countries (OPEC) Mohammad Ali Khatibi said that his country expects a hard year in the global oil market, Iran's satellite Press TV reported on Saturday.
"The oil market will see tough times next year before the market re-stabilizes," Press TV quoted Khatibi as saying.
"The demand for oil will be very low in 2009," he said.
"When the oil prices soared, OPEC was under pressure to increase output in order to create a price balance," Khatibi said, adding that "Now that the crude prices have plunged considerably, the group is expected to lower the production level to balance the prices."
He demanded OPEC members make right decisions and seek a consensus in the forthcoming ministerial meeting in the western Algerian town of Oran.
The global oil market was oversupplied by 2 million barrels per day (bpd), Iran's Oil Minister Gholam Hossein Nozari said last month, after OPEC deferred a decision on a new output cut.
OPEC, which supplies about 40 percent of the global oil, believes oil demand would be affected significantly amid concerns of world economic recession in the first half of next year.
In recent months, the oil prices have dropped sharply from 147 U.S dollars in July to just above 40 U.S. dollars.
OPEC has cut its oil output by 1.5 million bpd in October and is expected to cut further at the upcoming Algeria meeting. Iran has proposed a cut by around 1 million bpd.
Saudi Oil Minister Ali Naimi said earlier that his country hoped to raise oil prices to 75 U.S. dollars a barrel, which was a "fair price."
"The oil market will see tough times next year before the market re-stabilizes," Press TV quoted Khatibi as saying.
"The demand for oil will be very low in 2009," he said.
"When the oil prices soared, OPEC was under pressure to increase output in order to create a price balance," Khatibi said, adding that "Now that the crude prices have plunged considerably, the group is expected to lower the production level to balance the prices."
He demanded OPEC members make right decisions and seek a consensus in the forthcoming ministerial meeting in the western Algerian town of Oran.
The global oil market was oversupplied by 2 million barrels per day (bpd), Iran's Oil Minister Gholam Hossein Nozari said last month, after OPEC deferred a decision on a new output cut.
OPEC, which supplies about 40 percent of the global oil, believes oil demand would be affected significantly amid concerns of world economic recession in the first half of next year.
In recent months, the oil prices have dropped sharply from 147 U.S dollars in July to just above 40 U.S. dollars.
OPEC has cut its oil output by 1.5 million bpd in October and is expected to cut further at the upcoming Algeria meeting. Iran has proposed a cut by around 1 million bpd.
Saudi Oil Minister Ali Naimi said earlier that his country hoped to raise oil prices to 75 U.S. dollars a barrel, which was a "fair price."
