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.
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows
OPEC exporters as well as other non-OPEC producers, including Russia, fail to agree on oil output freeze
Moody's has upgraded Argentina's credit rating after a US appeals court ruling this week cleared the way for Buenos Aires to proceed with the biggest debt issue by an emerging market country in 20 years.
Ahead of Doha meeting, OPEC says 'hurdles prevail as oversupply persists and inventories remain high'
Kuwaiti OPEC head says Russia and OPEC are likely to agree on oil output freeze
'The good news is that the recovery continues; we have growth; we are not in crisis,' Christine Lagarde says
The meeting is a 'follow-up' to last month's talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels
'They are not trimming output, only keeping it at the same levels...this is the same unchanged policy,' one expert says
Iran joining Venezuela, Saudi Arabia, Qatar and Russia in freezing oil output levels
According to the ratings agency Moody’s, Iran is fiscally and structurally well placed to come back into the global economic scene
PM Davutoglu meets the heads of the world's largest companies as he promotes Turkish economic interests at World Economic Forum
Fund cuts global growth forecasts for both 2016 and 2017 by 0.2 percentage points
'Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population'