World Bulletin / News Desk
Iranian Oil Minister Rostam Qasemi urged OPEC's secretary general to call for an extraordinary meeting amid falling oil prices, Iranian Oil Ministry's website SHANA said on Saturday.
"In 161st meeting of OPEC it was agreed if oil prices fall below $100 per barrel it means that prices are in crisis, so we have urged secretary general of OPEC...to make preparations for holding an emergency meeting," Qasemi told SHANA.
International crude benchmarks Brent and U.S. oil futures posted their biggest quarterly declines on Friday since the fourth quarter of 2008 due to weak demand, ample supply and economic worries.
However prices rebounded later on Friday on a deal by European leaders to shore up euro zone banks. Brent crude oil futures rose more than $6 a barrel to near $98 while U.S. crude jumped by more than $7 to settle just below $85 a barrel.
Qasemi warned that if OPEC members failed to comply with the agreed production ceiling of 30 million bpd this would disrupt balance in the oil market.
"If OPEC members don't observe agreed production ceiling it will be followed by disorder in oil markets," he said.
Qasemi's view echoed comments from fellow OPEC price hawks Iraq and Venezuela last week.
Iraq's Deputy Prime Minister Hussain al-Shahristani said on Friday that OPEC needed to cut its supply, while Venezuela's Energy Minister Rafael Ramirez also called for an extraordinary meeting in the third quarter of this year if global crude prices remain low.
In its last meeting in mid-June, OPEC agreed to adhere to the collective limit, implying a 1.6 million bpd cut from the actual supply for 12 members of 31.5 million. To do that, Saudi Arabia would need to cut back sharply.
But Saudi Arabia is showing no sign yet of changing its policy of pumping near its highest rate in decades to support global economic growth, despite a fall in crude prices below $90 a barrel for the first time in 18 months.
The move away from the U.S. dollar is yet another reaction to Western sanctions placed on Russia since it annexed Crimea from Ukraine in March.
Norwegian oil company Statoil and Shell won an exploration license in the southeastern part of Algeria.
Under EU rules, if the Commission's suspicion that the tax treatment amounted to illegal state aid is proven, the company could be forced to pay that money back to the Irish government.
The court ordered searches of all known offices and residences of the former first lady and Congresswoman Imelda Marcos in Manila and Ilocos Norte in a bid to recover the works of art.
British energy expert Nick Butler said Israel should use its gas reserves domestically as it cannot compete with other markets.
After several rounds of talks brokered by the European Union, Moscow and Kiev reported progress at a meeting last week in Berlin.
The company's stock price has regained some of its recent losses but a European Union investigation could spell trouble for the tech giant.
U.S. planes are flying about 60 reconnaissance sorties per day, and some 1,600 U.S. troops are being deployed in Iraq.
"There are good reasons to continue the energy partnership with Russia," she said and noted that within the European Union different countries had different levels of dependency on supplies
Osborne said he would clamp down on technology companies which "go to extraordinary lengths to pay little or no tax here" as part of his plans to fix the budget shortfall.
Union wants Lufthansa to maintain a scheme that allows pilots to retire early at the age of 55 and still receive up to 60 percent of their pay
The pilots decided to end the strike without reaching an agreement with the French airline even though talks resumed
Ozkan Yorgancioglu, prime minister of the Turkish Republic of Northern Cyprus, said Israel's gas should be sent to Europe via Turkey and Cyprus
Rosneft and U.S. energy giant ExxonMobil have found huge oil reserves in the Kara Sea region
Cy Tokmakjian sentenced to 15 years in prison for bribery and other economic charges in a case his company
Exxon and Rosneft signed a $3.2 billion agreement in 2011 to develop the region.