Iranian Oil Minister Elected for OPEC President of 2011

Local Editor

Iranian Oil Minister Masoud Mirkazemi was elected President of the Organization of the Petroleum Exporting Countries (OPEC) of the year 2011, for the first time in 36 years.

Iran is considered to be OPEC's second largest oil producer, where now it is elected for the presidency of the oil cartel during its 157th session in Vienna on Thursday October 14.

OPEC provides 35% of the global oil demand, and current Ecuadorian President of the oil cartel, Wilson Pastor-Morris, said that OPEC will not change its official oil production target, which reaches 24.84 barrels per day.

The current Members of the OPEC are Algeria, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela.