Oil Minister: Iran Calls For OPEC Extraordinary Session

Tehran, July 1, IRNA - Oil Minister Rostam Qasemi said on Saturday that due to illogical drop in oil prices in the international markets Iran has called for an OPEC extraordinary session. Sharp decline in oil prices and illogical situation of the international oil markets prompted Iran to call on OPEC Secretary General Abdalla Salem El-Badri to hold the session, he said. According to the website of the oil ministry, Qasemi said before the 161st meeting of the Organization of the Petroleum Exporting Countries it was agreed that members produce 33 million barrels of oil per day (bpd) but the figure in the latest OPEC session reduced to 30 million bpd in order to regulate the market. "Based on the agreement reached in the 161st OPEC meeting it was agreed that the oil prices should remain under dlrs 100 per barrel but due to current market crisis we have called on the OPEC secretary general to hold an extraordinary session," he said. OPEC members should observe their production ceiling otherwise the balance between supply and demand will be tilted dramatically, he cautioned. He expressed the hope that the OPEC member states would remain committed to their pledges to this effect./end