TEHRAN 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)
Trending On Reuters
India's largest drugmaker Sun Pharmaceutical Industries Ltd reported a near-doubling in fourth-quarter profit, although that missed analysts' estimates as weakness in emerging markets outweighed higher sales in India and the United States. Full Article