VIENNA: Iran will assume the presidency of the Organization of Petroleum Exporting Countries next year for the first time in 36 years, Saudi Arabia's Oil Minister Ali Al-Naimi said Thursday. The minister confirmed to reporters that Iran had been elected OPEC's 2011 president by the OPEC's 12 member countries at a one-day meeting here. Meanwhile, the Organization of Petroleum Exporting Countries left its official oil production target unchanged amid an uncertain price outlook and data pointing to strong global energy demand. OPEC, which pumps 40 percent of the world's oil, agreed to keep its target at 24.84 million barrels a day, current President Wilson Pastor-Morris of Ecuador told reporters after the meeting at its headquarters. “No change” to output, said Pastor-Morris, while Saudi Arabia Oil Minister Ali Al-Naimi also confirmed the widely-expected decision, adding that it had been taken “because the market is good”. The oil market registered little reaction, with Brent North Sea crude for November delivery remaining close to $85 a barrel in London trade after solid gains in recent days. Ahead of the meeting, and mindful that a spike in prices could harm a slowing global economic recovery, Saudi Arabia said it was happy for crude to stay around $70-$80, where it has been for much of the past year. OPEC, celebrating its 50th anniversary this year, has kept its official output target steady since the start of 2009 following hefty cuts aimed at boosting prices. It meets periodically to set output with a view to supporting its members' revenues and oil sector investment. OPEC's next meeting will take place in Quito, Ecuador in December. With the official output target remaining on hold, the cartel may use its final communiqué from Thursday's meeting to call upon its members to show greater compliance with official production levels. Oil prices dipped Thursday with New York's main contract, light sweet crude for delivery in November, losing 32 cents to $82.69 a barrel. Brent North Sea crude for November dipped 11 cents to $84.53. – Agence France
