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Iran to Hold OPEC Presidency Next Year


'Iran will hold the presidency of the Organization of Petroleum Exporting Countries in 2011,' Saudi Arabian Oil Minister Ali al-Naimi told reporters after an OPEC meeting in Vienna.

October 14, 2010 (Hamsayeh.Net) - Starting from 2011, Iran will hold the rotating presidency of the Organization of Petroleum Exporting Countries (OPEC), officials at the OPEC Headquarter in Vienna told reporters today.

Starting in 2011, Iran’s current Oil Minister Masoud Mirkazemi will hold the post of OPEC presidency, which now is held by Ecuador. OPEC is an important international organization with the duty to maintain and balance supply of oil to the global market.

Saudi Arabia is world number one holder of oil reserves followed by other OPEC members and Russia - a major oil and gas producer but yet not an OPEC member. Iran is world’s largest holder of non-renewable hydrocarbon reserves with its total oil and gas reserves combined.

The organization plays a vital role in today's world as more and more sectors of modern economy rely on steady supply of this important commodity.







Organization of Petroleum Producing Countries

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