OPEC to hold emergency session if fall in oil price continues

Iran’s Oil Minister Rostam Qasemi said OPEC will hold emergency session if oil prices continue to go down.

According to IRNA, stressing that the Organization of Petroleum Exporting Countries (OPEC) does not hold prices under dlrs 100 per barrel as fair, he said since the annual meeting of the organization is far away, any emergency session will be held in case of drastic drop in oil prices.
He said the Oil Ministry has already offered a plan to the parliament which contains schemes to raise the production volume of oil and gas in the fifth development plan to a level higher than anticipated in the plan.
He added: “According to the plan, the volume of oil and gas production by the end of 5th development plan would stand at 1,200,000 barrels and 450 million cubic meters respectively.”
Referring to the priority given in his ministry to developing joint oil and gas fields, Qassemi noted that despite sanctions final status of 20 joint fields were ultimately determined during the past Iranian year (ended March 20, 2013). He added, for instance the development project of South Azadegan field was given to a Chinese company.
The minister added Iran is to receive its delayed payments from the Schell oil company. He rejected rumors on Iran’s selling crude to Schell and said ever since the company stopped purchasing oil from Iran due to sanctions, Tehran too has imposed sanction on the company.