Iran's Oil Minister Masoud Mir-Kazemi has been elected as President of the organization's Conference for 2011.
During the 154th OPEC meeting, Iran's Oil Minister Masoud Mir-Kazemi has been elected as President of the organization's Conference for 2011. "The president and the alternate president of OPEC Conference are usually elected on an alphabetical basis annually and hence, Iran's Oil Minister will be the President of the OPEC Conference for 2011, while Iraq's Oil Minister will be the Alternate President," Alternate President Mohammad Ali Khatibi told on Friday.
Respectively, Iran's minister will be the Conference Alternate President for 2010, while Ecuador's Oil Minister will hold the Presidency title, he noted following the meeting that was held in Vienna, Austria, on the 9th and 10th of September.
This is while OPEC ministers agreed earlier this week to stick with their output target of 24.845 million barrels a day. OPEC had set the production level last December for its 11 members.
It's the third time this year OPEC has agreed to leave its members' production quotas unchanged, highlighting the group's relative confidence that its output policies over the past year have turned the world oil market in its favor.
"Based on expectations for higher global demand in the next few months, maintaining the output ceiling unchanged seems to be effective in increasing the oil storage capacity of the exporting countries," Khatibi added.