Iran News ...


07/31/12

No need for emergency OPEC meeting, oil price is fair: Iran

Source: Mehr News Agency

Iranian Oil Minister Rostam Qasemi announced on Tuesday that no longer there is a need for an emergency meeting of the Organization of the Petroleum Exporting Countries as oil prices jump over 100 dollars a barrel.


Iranian Oil Minister Rostam Qasemi (file photo)

"In the light of the fact that the price of crude oil has climbed over 100 dollars an emergency meeting of OPEC members has been canceled," Qasemi told reporters.

He also said the current price of oil is fair. "It seems that 100 dollars is a fair price."

In early July Qasemi called for an emergency OPEC meeting to cut output after oil prices fell below $100 a barrel.

In London trade, Brent North Sea crude for delivery in September fell 27 cents to $106.20 a barrel.

According to reports oil prices have drifted lower as markets await U.S. and European central bank meetings later this week amid hopes for fresh economic stimulus.

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