Iran General NewsDemand doubts jeopardize OPEC investment: Iran

Demand doubts jeopardize OPEC investment: Iran

March 18, 2009

Reuters: An unsure outlook for oil demand is threatening OPEC's investment in projects to bring more oil onstream and avoid another price spike, Iranian Oil Minister Gholamhossein Nozari said on Wednesday.

VIENNA (Reuters) – An unsure outlook for oil demand is threatening OPEC's investment in projects to bring more oil onstream and avoid another price spike, Iranian Oil Minister Gholamhossein Nozari said on Wednesday.

"Uncertainty about oil demand will put OPEC investments in capacity at risk…. The current price level prevents new investment projects and has suspended current projects," Nozari said.

He was speaking at the opening session of a two-day OPEC seminar of leading world energy officials.

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