Iranian minister: OPEC to hold urgent meeting if oil price comes down below $100
Iranian Oil Minister Rostam Qasemi has said that OPEC will hold an extraordinary meeting if oil price comes down below $100, Trend news agency reported referring to Shana news agency.
"According to projections, oil prices will remain higher than $100 per barrel in 2013. However, if the prices go under $100 OPEC will hold urgent meeting to cut production ceiling," Qasemi said.
During the 162nd regular ministerial meeting of OPEC in Vienna, Austria, on Wednesday, member states agreed to maintain the organization's production ceiling of 30 million barrels per day (bpd).
OPEC, which provides about 35 percent of the world's oil, is a
permanent intergovernmental organization of 12 oil-exporting
countries, including Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
The price of OPEC basket of twelve crudes stood at 107.20 dollars a
barrel last Thursday, compared with $107.10 the previous day,
according to OPEC Secretariat calculations.
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