Iran says no decision yet on OPEC meeting

Reuters: A senior Iranian oil official said on Sunday OPEC had still not decided on whether to hold an emergency meeting soon to discuss a 15 percent drop in crude prices since the start of the year, a ministry Web site said.
TEHRAN (Reuters) – A senior Iranian oil official said on Sunday OPEC had still not decided on whether to hold an emergency meeting soon to discuss a 15 percent drop in crude prices since the start of the year, a ministry Web site said.

“There is still no official decision over holding an urgent meeting of OPEC in the coming days,” Javad Yarjani, head of OPEC affairs at the Oil Ministry, was quoted as saying by the Oil Ministry’s Web site, SHANA.

“Finalizing this decision and carrying it out is useful only if all the members of OPEC reach an agreement on that,” he said.

Chakib Khelil, energy and mines minister of Algeria, another OPEC member, said on Saturday OPEC members were still consulting on whether to hold a meeting to discuss the price fall.

On Friday, the Dow Jones news service quoted a senior OPEC delegate as saying the producer group was discussing whether to hold an emergency meeting around January 20-21.

OPEC President Mohammed al-Hamli, also UAE oil minister, said on Thursday OPEC was deeply concerned by the price drop and stood ready if necessary to bolster the world market.

Mild weather so far this northern hemisphere winter has curbed oil demand and pressured prices, blunting the impact of OPEC’s planned 500,000 barrels per day cut in supply from February 1 that added to a 1.2 million bpd reduction last year.