Iran wants urgent OPEC meet as oil prices drop | world | Hindustan Times
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Iran wants urgent OPEC meet as oil prices drop

world Updated: Jun 30, 2012 22:45 IST
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Iranian oil minister Rostam Qasemi urged OPEC’s secretary general to call for an extraordinary meeting amid falling oil prices, Iranian oil ministry’s website SHANA said on Saturday.

“In the 161st meeting of OPEC, it was agreed if oil prices fall below $100 per barrel it means that prices are in crisis, so we have urged secretary general of make preparations for holding an emergency meeting,” Qasemi told SHANA.

International crude benchmarks Brent and US oil futures posted their biggest quarterly declines on Friday since the fourth quarter of 2008 due to weak demand, ample supply and economic worries.

‘No sanctions effect’

Iran says it is having no trouble selling oil despite US sanctions, a Saturday report by the semi-official Mehr news agency quotes Central Bank governor Mahmoud Bahmani as saying.

The US state department has announced that China, India, Japan, Malaysia, South Korea, Singapore, South Africa have received waivers from the US in exchange for “significantly reducing” oil imports.