Iran oil embargo not a rational decision: minister

Azerbaijan, Baku, Dec. 14 / Trend F.Milad/ Iranian Oil Minister Rostam Qasemi has said that imposing sanctions on Iran's oil industry was not a rational decision. So, it will not be fruitful (for the countries which imposed the sanctions), the Fars news agency reported. He made the remarks in the opening ceremony of the 160th OPEC meeting in Vienna today. For the time being, oil prices are fair and we should take measures to maintain the current market conditions, he added. The Organization of the Petroleum Exporting Countries should not be the sole body responsible for securing oil market stability, Qasemi said, adding that all countries should be held accountable in this regard. Offering oil at fair prices and maintaining the current market situation will be Iran's main policies at the OPEC meeting, Qasemi said earlier this month, the Pana news agency reported. OPEC, which pumps a third of the world's oil, forecast 2011 demand growing by just 0.88 million bpd to 87.81 million bpd. It is the first time this year that OPEC has cut its oil demand growth estimate to below 1 million bpd. For 2012, it cut demand by 70,000 bpd to 1.19 million bpd, according to Reuters. Do you have any feedback? Contact our journalist at agency@trend.az