OPEC sees increased demand from Asia

Iran's Oil Minister and President of the Organisation of Petroleum Exporting Countries (OPEC) Masoud Mir-Kazemi stated economic growth in Asia may push oil prices over USD100/barrel (Bloomberg, 19-Jan-2011). He said: "Economic growth in Asia is better than in Europe, and we hope that it increases and that oil prices increase. Prices of USD100 and above are not worrisome for producers." OPEC stated it would need to increase daily production by 400,000 barrels to 29.4 million due to surging Asian demand. Crude is near its highest price in 27 months in New York.