OPEC President Iran Consulting with Members on Holding Emergency Meeting.(Fars).Iran's Governor at the Organization of Petroleum Exporting Countries Mohammad Ali Khatibi announced that OPEC president Iran is in talks with other member states to hold an emergency meeting following the recent slide in oil prices. "Following the falling world oil prices, OPEC presidency is consulting with the member countries to hold the emergency meeting as soon as possible," Khatibi told FNA on Saturday. He noted that a number of members are eager to hold an emergency meeting due to the decline in oil prices, and said, "To hold an emergency meeting, all members should be present and the meeting will be held once all members agree with it." Khatibi reiterated that consultations still continue with the oil ministers of the member states on this topic. Iranian Oil Minister Rostam Qassemi had said earlier this week that many OPEC members have voiced their agreement with Iran's call for holding an emergency meeting. "Fortunately OPEC members, like Algeria, agree with holding this extraordinary meeting," Qassemi told FNA on Tuesday, and added that Algeria has even offered to host the meeting. He reminded the decreasing oil prices in the last few days, and said although the Organization of Petroleum Exporting Countries has not yet sent a reply to Tehran's request, "it seems that OPEC agrees with holding this extraordinary meeting, given the current conditions of oil price". Qassemi called on the members of the oil cartel on Sunday to convene in an emergency meeting, warning that the current market value of oil has gone "illogical". "In 161st OPEC meeting it was agreed that fall of oil prices below $100 per barrel would mean prices have violated the critical line, so we have demanded OPEC secretary general...to make preparations for holding an emergency meeting," Qassemi told the oil ministry's website at the time. Referring to overproduction by some OPEC members and rising inventories in oil consuming countries, the minister told Shana that "if OPEC members don't observe the agreed production ceiling, the oil market will experience disorder". "All members have agreed to respect the organization's production ceiling in a bid to keep the market balanced," he reminded. Qassemi went on to say that prior to the recent OPEC meeting, the cartel's total output had hit approximately 33 million barrels per day which was agreed to scale back to 30 million barrels per day with reasonable prices. "Following the recent OPEC meeting, the supply conditions have improved to some extent,"(Lower production due to Summer hours working in SaudiArabia) Qassemi said, and expressed the hope that members would comply with their commitments. On falling oil prices in recent days, Qassemi said at this time of year falling oil prices originates from seasonal reasons and falling demand but it is expected to go up in winter provided that the level of oil production is reasonable.Hmmm.....Get ready for higher Gas prices.Read the full story here.
