Iran calls for emergency meeting of OPEC, with falling prices

Posted 30/06/2012 10:25 PM


DUBAI (Reuters) - The website of the Ministry of Oil of Iran (Shana) on Saturday that oil minister Rustam Ghasemi urged the Secretary-General of the Organization of Petroleum Exporting Countries to call for an extraordinary meeting to discuss falling oil prices.
And the transfer of Shana for Ghasemi said, "No. 161 in the meeting of OPEC was agreed that the descent of $ 100 oil prices mean that in a crisis and we therefore urge the Secretary-General of the OPEC ... to prepare for an emergency meeting."


Iranian Oil Minister

Brent and record and U.S. light crude largest quarterly loss on Friday since the fourth quarter of 2008 due to weak demand and abundant supply, and economic worries.

However, prices recovered in late session on Friday, following an agreement between the leaders of Europe to rescue the banks of the eurozone. Rose futures for Brent more than six dollars a barrel for about $ 98, while U.S. light, sweet crude jumped more than seven dollars to settle at a little less than $ 85 a barrel.

Ghasemi and warned that the lack of commitment to OPEC production limit agreed upon the 30 million barrels per day that would upset the balance of the oil market.

"If OPEC countries did not comply with the agreed production ceiling Vsirtb of this disorder in the oil markets."


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