Iran Economy NewsIran's Mir-Kazemi says $120 oil wouldn't require extra meeting

Iran’s Mir-Kazemi says $120 oil wouldn’t require extra meeting

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Bloomberg: Iranian Oil Minister Masoud Mir- Kazemi sees no need for OPEC members to hold an emergency meeting, even if crude prices rise as high as $120 a barrel, Mehr news agency cited him as saying yesterday.

Bloomberg

By Ladane Nasseri

Iranian Oil Minister Masoud Mir- Kazemi sees no need for OPEC members to hold an emergency meeting, even if crude prices rise as high as $120 a barrel, Mehr news agency cited him as saying yesterday.

“So far, no request for an emergency meeting has been made by any of the member states,” Mir-Kazemi, who is also OPEC’s president this year, said according to state-run Mehr.

The Organization of Petroleum Exporting Countries, which accounts for 40 percent of global oil supply, plans to hold its next regular session in June. Iran is the group’s second-biggest producer, after Saudi Arabia.

Iran’s OPEC governor, Mohammad Ali Khatibi, said last week the oil market isn’t in a “critical” state, Mehr said in the report published late yesterday.

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