Dow Jones: Iran may revive its proposal to hold an emergency OPEC meeting if oil prices keep falling after a stocks release from consumer nations, an Iranian oil official said Thursday.
LONDON -(Dow Jones)- Iran may revive its proposal to hold an emergency OPEC meeting if oil prices keep falling after a stocks release from consumer nations, an Iranian oil official said Thursday.
Iran, which holds the presidency of the Organization of Petroleum Exporting Countries, proposed an emergency meeting within three months during a June 8 gathering where the group split without any output agreement.
The meeting’s proposal had been since been put on hold. But the Iranian official said that “if there is price fluctuation, it is likely there will be an emergency meeting.”
Thursday, the International Energy Agency said its members would release some of their emergency stocks to markets. That pushed prices down $6 a barrel that day, a decline that continued Friday.
–By Benoit Faucon, Dow Jones Newswires; +44 77 601 777 36
