Iran sees no need for emergency OPEC meeting - ISNA

TEHRAN Sun Oct 30, 2011 3:58pm IST

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/Files

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010.

Credit: Reuters/Heinz-Peter Bader/Files

Related Topics

TEHRAN (Reuters) - Current OPEC president Iran does not envisage holding an emergency meeting of the oil producers' group ahead of a scheduled one in December, Iran's OPEC Governor Mohammad Ali Khatibi was quoted as saying by the student news agency ISNA on Sunday.

"I find it improbable to have an OPEC emergency meeting because there is no emergency matter and the market is balanced," he was quoted as saying.

Price hawk Iran along with African countries and Venezuela, blocked a Saudi-led proposal to increase output targets at OPEC's last meeting on June 8, but Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally afterwards -- a move Tehran criticised.

"Libya is getting back to the oil market and it is predicted that by next year its production will return to normal," Khatibi said.

Libya is currently pumping around 500,000 barrels per day (bpd), but industry sources doubt it can quickly reach pre-war levels, which represented about 2 percent of the global demand.

On prices, Khatibi said: "The fall in the oil price is detrimental for all oil producers and exporters".

Iran has said in the past it expects output quotas to remain unchanged at the December meeting.

(Reporting by Ramin Mostafavi; Writing by Robin Pomeroy; Editing by Ron Popeski)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Managing Share Sales

Managing Share Sales

Govt seeks bids from banks to manage PFC, REC share sales   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage