Oil market not in critical situation, Iran says

TEHRAN, Dec. 29 (MNA) -- The Iranian representative to the Organization of Petroleum Exporting Countries said the oil market is currently not in a critical situation, so there is no need to hold an extraordinary OPEC meeting.

The oil price is expected to surpass 100 dollars per barrel in the near future, Mohammad-Ali Khatibi noted.

But the recent rise in the oil price originates from some secondary factors and is totally unconnected to supply and demand in the global markets, he added.

Iranian Oil Minister Masoud Mirkazemi should study the current situation of the oil market carefully, Khatibi said, adding that an extraordinary OPEC meeting will only be held if OPEC members reach the conclusion that the oil market is in a critical situation.

Iran assumed the rotating presidency of the 12-member Organization of Petroleum Exporting Countries after being elected at the 157th OPEC ministerial meeting, which was held in Vienna in October 2010.

Iran holds about 10 percent of world oil reserves and is the second-largest oil producer among OPEC nations, which provide 35 percent of global oil demand.

Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela are the members of OPEC.