Iran assumes OPEC’s presidency

Iran has officially taken over the presidency of the Organization of Petroleum-Exporting Countries (OPEC) for the first time in the past 36 years.

As OPEC’s presidency is determined in alphabetical order, the member states highlighted in their October meeting that Iran’s year-long tenure would start as of 2011, reports Fars news agency.

Iran is likely to host an OPEC meeting as the country which holds the organization’s rotating presidency can invite oil ministers of the member states to meet there once, says an Iranian Oil Ministry official.

OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that also include Algeria, Angola, Ecuador, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

OPEC coordinates and unifies the petroleum policies of its member countries.