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Iran Urges OPEC to Hold Emergency Meeting

Source: www.gulfoilandgas.com 7/1/2012, Location: Asia

Islamic Republic of Iran has urged Secretary General of OPEC to hold an extraordinary meeting due to falling oil prices.

Speaking to Shana, Iranian minister of petroleum, Rostam Qasemi, said: In 161st meeting of OPEC it was agreed if oil prices fall below 100 dollars per barrel it means that prices are in crisis, so we have urged Secretary General of OPEC, Mr. Abdollah Al-Badri, to make preparations for holding an emergency meeting.

Qasemi went on to say that prior to recent meeting of OPEC, total oil production of the organization had hit approximately 33 million barrels per day which it was agreed be scaled back to 30 million barrels per day with reasonable prices.

Referring to overproduction by some OPEC members and rising inventories in oil consuming countries, the minister said: if OPEC members don’t observe agreed production ceiling it will be followed by disorder in oil markets.

He continued in order to keep the market balanced; all members agreed to respect the organization’s ceiling production.

Following recent OPEC’s meeting, oil supply situation has improved to some extent, Qasemi said expressing hope members to comply with their commitments.

On falling oil prices in recent days, Qasemi said in this time of year falling oil prices originates from seasonal reasons and falling demand but it is expected to go up in winter provided the level of oil production to be reasonable.

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