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In an interview with reporters, Khatibi said, '...there are optimistic signs in the oil market, based on information we are receiving, over revival of the global economy.'

Meanwhile, in the international oil market US sweet oil for September delivery gained 63 cents to reach $70.08 a barrel and Britain's crude also increased 70 cents to $72.40 a barrel on Monday trading. The biggest sign of economic recovery came from China in which the overall data helped push the prices of crude higher and higher, according to a Reuter's report.

Khatibi said the demand for oil on the international market should jump to 29.1 million barrels per day during the coming winter and those prices will gradually hover near $75 a barrel for winter delivery and $80 a barrel the next year.

Economists believe depleting global oil reserves

 at the current pace will gradually push the price of this most important of all resources higher in the

near future

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IRAN NEWS DAILY .COM

Iranian Association for

Energy Economics

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