Bloomberg News

Iran Sees No Need for Emergency OPEC Oil Meeting, Shana Reports

July 09, 2012

Iran sees no need for OPEC to hold an emergency meeting if the current trend of rising crude prices continues, Shana reported, citing the nation’s oil minister.

The Organization of Petroleum Exporting Countries agreed at their meeting last month that “if oil prices fall below $100 a barrel it means that prices are in crisis,” Rostam Qasemi said. “OPEC members agreed to comply with the current production ceiling of 30 million barrels a day.”

The group also agreed that they would hold an emergency meeting if prices fell “irrationally,” he said, according to the report.

To contact the reporter on this story: Yeganeh Salehi in Dubai at yalehi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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