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Iran expects rising demand for oil in summer months
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Special to World Tribune.com
MIDDLE EAST NEWSLINE
Friday, May 10, 2002
NICOSIA Ñ Iran is bracing for an increase in demand in crude oil
from Europe and the United States.
Iranian officials said the demand would be felt by mid-June before the
advent of summer holiday. They said summer marks a sharp rise in gasoline
consumption.
"Given current needs in the markets of Europe and the United States, we
estimate that there will be a rise in demand for crude oil within a month
and a half," Hadi Ghanimifard, head of the international division of the
National Iranian Oil Co., told Iranian state radio.
Officials said the rise in demand could increase the price of oil from
the current level of about $26 to close to $30 a barrel. Iran, the second
largest exporter in OPEC, obtains 70 percent of its state revenues from oil.
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