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Iran says OPEC emergency meeting may prove negative

23 January 2016 11:15



Iran’s petroleum minister says any OPEC emergency meeting may leave a negative impact on crude market as long as there is no intention for a firm decision on shoring up falling prices.

“There must be a resolve for decision-making in such [an emergency] meeting; otherwise, the essence of holding such a meeting will leave negative impacts on world oil markets,” Bijan Zangeneh said.

“The important thing is that there must be an intention for change, but we have not yet received such a signal,” he added.

The minister added that as long as all 12 member states of the Organization of the Petroleum Exporting Countries (OPEC) “fail to reach consensus” an emergency meeting would be impossible.

On Thursday, OPEC top producer Saudi Arabia said ultra-low oil prices were “irrational” as crude hit new 12-year lows under $27 on the global supply glut.

“The price itself is irrational,” said Khalid al-Falih, chairman of state-owned oil firm Saudi Aramco.

Oil markets remain oversupplied, a situation which has been fueled by OPEC’s refusal to cut output in order to squeeze out high-cost US shale producers.

OPEC left its output ceiling unchanged, in both June and December last year, at 30 mb/d with its estimated actual output standing at 32 mb/d.

Maduro, Putin discuss oil

Venezuelan President Nicolas Maduro and his Russian counterpart Vladimir Putin agreed on Friday together to fight falling oil prices that have put a strain on their economies.


“Without doubt we are going to defend the market. We have agreed with President Vladimir Putin to carry on working on a common vision and plan,” Maduro said.

During a phone conversation, they discussed “the situation in the oil market.”

Venezuela sits atop the world’s largest known crude reserves but the sharp decline in oil prices over the past year and a half ha slashed its revenues.

Venezuela has urged fellow OPEC members to hold an extraordinary meeting in February to discuss reining in prices.

Non-OPEC Russia is the world’s second biggest crude oil producer after Saudi Arabia.

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