Economic Jihad. As I have said many times, it should have been job one on September 12, 2001, or even before that, to establish a Manhattan Project setting the best minds of this generation on the search for affordable, reliable and plentiful alternative energy sources. “Iran says $100 a barrel is appropriate price for oil,” from AFP, January 16 (thanks to Sr. Soph):
Iran’s oil minister said on Sunday that $100 for a barrel of crude was appropriate and there was no need to hold an emergency OPEC meeting to discuss the price.
“The price of $100 for oil per barrel is real … OPEC does not need to hold an emergency meeting over the price issue,” Massoud Mirkazemi told a news conference.
Brent crude prices rallied this week to around $98 a barrel while US oil futures were at about $91, well above the $70-$80 range that OPEC’s top exporter Saudi Arabia says is comfortable for both producers and consumers.
One delegate from a Gulf OPEC member state said on Thursday OPEC could hold an emergency meeting if oil prices “exceed $100 and stay there”….
“None of the OPEC members find $100 concerning,” Mirkazemi said, adding that some members of the producers’ group would still not see any need for an emergency meeting if the price rose to $110 or $120.
Iran holds the rotating OPEC presidency. The next scheduled OPEC meeting is on June 2….
Analysts are divided between those who see fundamental strength as the world economy recovers, driving up fuel consumption, and those who focus on differences between today’s relatively well-supplied market and that of 2008, when oil prices raced to an all-time high of nearly $150 a barrel.