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04/06/11

Iran: No Plan for OPEC Emergency Meeting over Oil Price

Source: Fars News Agency

Iran, which holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), said the oil cartel has no plan to hold an emergency meeting due to the recent increase in crude prices.

Speaking to FNA on Tuesday, Iran's Governor at the OPEC Mohammad Ali Khatibi said that the recent increase in oil price is not related to supply and demand in the oil market.

He blamed concerns over political and social developments in a number of oil supplying countries as a major reason behind the price surge, and stated, "Any increase in such concerns will boost the prices since oil price depends on the security of energy supply."

"A number of oil exporting countries which are encountering popular uprisings naturally affect the energy security of the consumer countries," Khatibi added.

"And since OPEC has no control over the causes of the surge in oil prices, there won't be any emergency meeting," Khatibi reiterated, announcing that OPEC's ordinary meeting will be held on June 8.

Holding OPEC's presidency this year, Iran's oil minister would be required to call for an extraordinary meeting before the planned June date if needed.

Oil prices jumped to fresh two-and-a-half year highs above $108 a barrel, pushed upward by worries that the fighting in Libya could spread unrest to oil-rich countries in the Persian Gulf.

There's also an expectation that an improving global economy will increase demand for oil.

The May crude contract on the New York Mercantile Exchange was up 53 cents to $108.47 a barrel.



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