Iran Not Opposed to OPEC Emergency Meeting: Oil Minister
TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh said the country has no objection to holding an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC).
Speaking to reporters on the sidelines of a Sunday meeting with British Foreign Secretary Philip Hammond in Tehran, Zanganeh said that if held, the OPEC emergency meeting will be effective.
“We have no opposition to it (an emergency meeting),” he said, adding, however, “I think it is unlikely that some countries that seek political aims by (causing) lower oil prices will easily agree with it.”
The oil minister further emphasized that such a meeting should come with the unanimous consensus of all OPEC members.
Oil prices have nearly halved since the summer of 2014. The fall in prices is blamed on global supply glut and weak demand.
The Organization of the Petroleum Exporting Countries would typically cut production to support prices but some members have been falling in line with Saudi Arabia to produce at full throttle, sending prices into a tailspin.
