Tehran (Platts)--17Jul2007

Iranian oil minister Kazem Vaziri Hamaneh said Tuesday there is no
shortage of oil on international markets, but because of shortages in refining
products crude oil prices could climb to $80/barrel, the oil ministry's Shana
news agency reported.

     "Currently there is no shortage of oil in the international markets and
there is no need for OPEC to hold an extraordinary session," Shana quoted
Hamaneh as saying.

     The next scheduled meeting of OPEC ministers is on September 11 in
Vienna.

     With regard to rising oil prices, Hamaneh said this is result of
shortages in refined products that could see prices hit $80/b.

     "A majority of these shortages are about oil products (derivatives)
shortages," Hamaneh said.

     "There is a possibility that the oil prices reach the boundary of $80/b,
but at the same time its materialization is not definite," he added.