TEHRAN Dec 06 (Shana): Iranian Minister of Petroleum, Bijan Namdar Zangeneh has said that he does not see shale or tight oil a threat against OPEC.Speaking to OPEC Bulletin, December 2013 Issue, Zanganeh added that based on the Ministers discussions, the Conference did not really find a significant challenge for next year. But there were opportunities for OPEC in its production and investment.
The Minister noted that some other producers were developing shale or tight oil, but we do not see this as a threat against OPEC it is just part of non-OPEC production, like before.
He added: I think our decision today, which was based on the fundamentals of the market, was good and that the market will react positively.
Concerning the likelihood of an increase in Irans crude oil production, as a result of the possibility that economic sanctions on the country would be lifted, Zangeneh pointed out that, over the years, certain OPEC Members had suffered similar problems and had gone out of the market for some time.
But when they returned to the market, OPEC knew how to deal with the situation to create room to maintain the extra capacity, so that these countries can have a good return and for it not to have a bad impact on prices, he said.
The Minister added that he was sure OPEC would be able to look at the issue with his country to support Members that wanted to return to their previous positions.
By SHANA
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