2 May 2007 - 13:53
  • News Code: 103711

TEHRAN: World oil prices are at a proper level and the possibility of an emergency OPEC meeting is low, Javad Yarjani, head OPEC affairs at the Iranian Oil Ministry, was quoted as saying on Tuesday.

“In regard to oil market conditions, the possibility of an OPEC emergency meeting is low,” the ministry’s Web site, Shana, quoted Yarjani as saying. “Current oil prices are at a proper level and there have been no reports of crude oil shortages anywhere,” he said.

 

“An increase in oil prices is not because of crude oil shortages, therefore the possibility of an OPEC emergency meeting is low and ministers of OPEC members have evaluated the oil market as stable,” he added.

 

The Organization of the Petroleum Exporting Countries agreed to output cuts of 1.7 million barrels per day last year.

 

The next OPEC meeting is scheduled for September but ministers have said they may meet earlier if they deem it necessary. Iran, OPEC’s second biggest producer, has often said it wants to see prices for OPEC’s basket of crudes in excess of $60 a barrel the equivalent of around $65 for US crude.

 

PIN/REUTERS

News Code 103711

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