Crude oil to cross 100 dollar a barrel mark soon, Iran

New Delhi, May 02 (UNI) World's second largest crude oil producer, Iran today said global crude oil prices could exceed 100 dollars a barrel as supplies cannot be increased in the short run.

Speaking after a meeting with Petroleum Minister Murli Deora, Iran's Deputy Oil Minister Mohammad Hadi Nejad-Hosseinian said the global demand for oil was much higher than the supply and the geopolitical factors were fuelling the price surge.

The visiting Iranian minister amid the 100 dollars a barrel is a possibility as of today, the cost is already at an all time high of 75 dollars.

According to latest report by Iran, the country possesses 280 billion cubic meters of different kinds of energies, 155 billion barrels of which are oil and gas.

According to Iran's government the crude oil resources in the whole world have been about 1,189 billion barrels in the year 2004, from which Iran holds some 11 per cent while the whole Middle East holds some 61.7 per cent.

Iran possesses 15.5 per cent of the world's 180,000 billion cubic meters of gas. Russia possesses 27 per cent and the Middle East 13.5 per cent.

The development of the Iranian gas industry was bolstered by the discovery of several natural gas fields back in 1973 and 1974.

UNI/RT RA PM1740