"The Iranian nation possesses needed nuclear fuel cycle and will not retreat on that."
Iranian President Mahmoud Ahmadinejad said on Friday. Ho vowed that his nation would not halt the progress of its sensitive nuclear program as world powers agreed on new sanctions on Iran, the semi-official Fars news agency reported.
"However, we expect crude prices to remain at high levels as OPEC is expected to take action for favorable price levels."
Fumiaki Watari said in a statement, president of the Petroleum Association of Japan. They expect OPEC's decision on Thursday to maintain current oil output at 25.8 million b/d to have a limited impact on oil prices.
Updated: March 16, 2007
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