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Iran to reduce energy subsidies very soon

By Sherouq Sadeqi QUITO, Dec 11 (KUNA) -- Irans Oil Minister Saeed Mirkazemi announced here Saturday his country will be changing the energy subsidies soon.
He told reporters at the 158th Meeting of the OPEC Conference that Iran will start cutting energy subsidies "very soon".
Furthermore, the minister stressed saying that oil prices at USD 100 per barrel is a "good price".
The Minister was quoted saying earlier that "the prediction is that there will be no change in the quotas and there will be no increase in production," at the Quito meeting.
Iran will be holding OPECs rotating presidency this year from Janurary 2011.
Meanwhile, Saudi Oil Minister Ali Al-Naimi told reporters that the oil prices "go up, prices go down".
He stressed that the price between USD 70 to USD 80 is a "good price".
When asked by KUNA if there is a need of increase in oil production, he replied saying "the market is in balance right now".
The oil prices have increased to USD 90 this week, the first time since 2008.
Al-Naimi reiterated that "the fundamentals are good".
New York's main contract, light sweet crude for January, lost 58 cents to close at USD 87.79 a barrel on Friday ahead of the OPEC meeting, while Brent North Sea crude for delivery in January dropped 51 cents to settle at USD 90.
48 a barrel in London trade. (end) si.mt KUNA 111946 Dec 10NNNN