Iran urges OPEC to be more active Wed, 12 Nov 2008 07:11:23 GMT
Iran has said OPEC needs to be more active in order to calm oil markets as the recent output cut was only enough to stop further price falls. "The decision by OPEC prevented a large decline in prices but as for the stability of prices, this needs a more far reaching decision and further measures," said Iranian Oil Minister Gholam-Hossein Nozari, during a visit to Kuwait, Tuesday. Nozari also called on non-OPEC oil producers to help the organization regulate oil supply and demand on international markets and stabilize prices. Oil prices hit a 20-month low on Tuesday with the price of US crude for December delivery hitting $58.55 a barrel in New York, on speculation that the International Energy Agency will cut its 2009 forecast for oil demand. This reflects a 60% fall from the oil price peak of $147 in July. Iran's oil minister again suggested that OPEC might hold another extraordinary meeting before its next planned session in December should the current oil market fluctuations continue. "We are going to review oil market conditions and if necessary there might be an emergency meeting," he said. OPEC president, Chakib Khelil, has indicated that another round of production cuts might take place if oil prices remain below the preferred range of $70 to $90 a barrel. Nozari, was in Kuwait to discuss an agreement to transfer 500 billion cubic feet of gas per day to the Arab emirate. http://www.presstv.ir/detail.aspx?id=75129§ionid=3510213
