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.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.