Iran supports crude oil price range between $50-60/bbl: official

New Delhi (Platts)--28Dec2005

Iran favors a cut in OPEC crude output in the second quarter of 2006 when
winter demand has eased to prevent oversupply, Iran's deputy oil minister for
international affairs Mohammad Hadi Nejad-Hosseinian said Wednesday. 
     Nejad-Hosseinian, who is in New Delhi for a a two-day Joint Working Group
meeting on the Iran-Pakistan-India gas pipeline project, also said Iran would
be happy with a crude oil price range of between $50-60/bbl. 
     OPEC on Dec 12 agreed to maintain its current 28-mil b/d crude production
ceiling and to meet again Jan 31 in Vienna City to discuss market developments
ahead of the second quarter when demand for oil traditionally falls after the
northern hemisphere winter. 
     Iran, OPEC's second-largest crude producer, is currently pumping around
4-mil b/d of crude, Nejad-Hosseinian said. 
     The minister did not comment on the JWG meeting but Indian oil ministry
officials earlier said issues such as who would build and operate the
pipeline, the pipeline's capacity, gas quality and price were on the agenda. 
     The India-Iran 2,775 km (1734-mile) pipeline, 750 km of which would pass
through Pakistan, is expected to cost $7-bil. The gas would originate in the
Iranian port city of Assalyueh--the landfall point of gas produced in South
Pars fields. India and Pakistan want the pipeline capacity at 150-mil cu m of
gas/day with India buying nearly two-third of the gas and Pakistan the
remaining one-third.

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