ID :
199423
Sat, 08/06/2011 - 09:39
Auther :
Shortlink :
https://oananews.org//node/199423
The shortlink copeid
Iran: Deciding on Future of Oil Market Still Premature
TEHRAN (FNA)- Iran's Governor at the Organization of the Petroleum Exporting Countries Mohammad Ali Khatibi, whose country chairs the world oil cartel, said that it is too early to decide whether there is a need for an OPEC extraordinary meeting.
Khatibi said on Friday that if oil prices keep falling, the OPEC ministers will hold the meeting to consult, but it is too early to decide whether there is a need for an extraordinary meeting since oil price fluctuations in the market are normal.
He also stated that the economic problems of the United States and European countries are dragging crude oil prices down and noted that economic problems can have an impact on world oil demand.
"The decrease in oil prices in a few days cannot be used as a criterion for making decisions about the future of the market, and a decision can only be made if the trend continues," the Iranian Oil Ministry's official website Shana quoted Khatibi as saying.
The next ordinary OPEC session is scheduled to be held on December 14 in Vienna.
Oil closed down more than $5.00 on Thursday, driven by weakening growth in the United States, the world's biggest oil consumer, and worries about European energy demand amid debt contagion in the euro zone.
Khatibi said on Friday that if oil prices keep falling, the OPEC ministers will hold the meeting to consult, but it is too early to decide whether there is a need for an extraordinary meeting since oil price fluctuations in the market are normal.
He also stated that the economic problems of the United States and European countries are dragging crude oil prices down and noted that economic problems can have an impact on world oil demand.
"The decrease in oil prices in a few days cannot be used as a criterion for making decisions about the future of the market, and a decision can only be made if the trend continues," the Iranian Oil Ministry's official website Shana quoted Khatibi as saying.
The next ordinary OPEC session is scheduled to be held on December 14 in Vienna.
Oil closed down more than $5.00 on Thursday, driven by weakening growth in the United States, the world's biggest oil consumer, and worries about European energy demand amid debt contagion in the euro zone.
