By way of GATA...
From Islamic Republic News Agency
Wednesday, April 26, 2006
TEHRAN -- Iranian Oil Minister Kazem Vaziri Hamaneh said on Wednesday that the establishment of an oil stock exchange is in its final stage and the bourse will be launched in Iran in the next week. He told reporters, upon arrival from Qatar, where he attended the 10th General Assembly of the International Energy Agency and consultations with OPEC member states, that registration of the oil stock exchange is under way and the entity will operate after being approved by by Council of Stock Exchanges.
He rejected a statement attributed to him that the oil stock exchange will bring to the U.S. economy down, and said, "I don't know who has speculated that. I've not talked about the U.S. economy."
Asked about the conference on energy in Doha, he said that more than 60 countries and 30 oil companies and consultants took part. Vaziri Hamaneh said that serious discussions of various issues were held, including the security of supply and demand, the security of investment in energy, and environmental issues.
"The best method for security of demand in the oil sector is that consumers should be given the opportunity to enter into partnership with the suppliers in investment in the oil industry," he said. He said that the conference called for diversifying energy resources and cooperation of the developed states with the countries possessing oil and gas resources.
Asked about the oil price rise, Vaziri-Hamaneh said that the oil price is being influenced by political situations, whereas it should be freed from political impacts, and economic and technical fundamentals should determine the oil price. "As long as political impacts dominate the oil market, price hikes will continue," he concluded.
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