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OPEC cannot act, needs more clarity: Iran

Source: Mehr News Agency

Mohammad-Ali Khatibi Unrest across the Middle East and surging oil markets have created too unstable a situation for OPEC to act yet, Iran's OPEC governor Mohammad-Ali Khatibi said on Tuesday.

"Everything is very uncertain and we need a stable situation and accurate data on how many barrels are lost from the market and then we can act," Reuters quoted Khatibi as saying.

"We need a stable situation to see the impact of these developments on the market. OPEC cannot decide every day," he added.

The political developments in the Middle East and North African regions are spreading to other countries rapidly and "OPEC can do nothing about such political problems" in these states.

The group, however, is supplying more crude oil to the market than the demand, said Khatibi quoted by Press TV.

He said the psychological impact of political developments in the Middle East and North Africa is the main reason behind the climbing price of oil.

The Libyan revolution and the intensifying political unrest in the North African country heavily contributed to pushing the price of Brent crude oil to above $102 per barrel. According to analysts, anti-government rallies in Yemen, Jordan, and Algeria have also influenced prices.

Iran holds the rotating presidency of OPEC, but its minister has stayed away from producer-consumer talks in the Saudi capital Riyadh.

Iranian Oil Minister Massoud Mirkazemi said on February 6 that there is no need for OPEC members to hold an emergency meeting, even if prices rise as high as $120 a barrel.

"I don't see a need any time soon for an emergency meeting," he said.

"So far, no request for an emergency meeting has been made by any of the member states," he added.

The Organization of Petroleum Exporting Countries plans to hold its next regular meeting in June. Iran currently holds the OPEC presidency.

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