Norway Oil Minister Says Crude Prices Are Still `Quite High'

By Alexander Kwiatkowski

Aug. 26 (Bloomberg) -- Norway's Oil Minister Terje Riis- Johansen said crude prices are still ``quite high'' and that there's no need to slacken world output.

Norway doesn't see ``any reason'' for the Organization of Petroleum Exporting Countries to cut production, the minister told reporters today at a conference in Stavanger, Norway. The Nordic country is the world's fifth-largest oil exporter and isn't a member of OPEC.

Iran's Oil Ministry yesterday said it may urge OPEC to cut production when it next meets on Sept. 9 after the price slipped more than $30 a barrel since last month.

Separately, Riis-Johansen said that the conflict between Russia and Georgia won't affect Norway's involvement in the development of the Shtokman gas field in the Arctic. StatoilHydro ASA, Norway's largest oil and gas company, holds 24 percent of the project's operating company.

``It's important for Norway to have cooperation with Russia,'' the minister said.

To contact the reporter on this story: Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net;