The Organization of the Petroleum Exporting Countries, or OPEC, won't need to hold an emergency meeting if oil prices rise above $100 a barrel, the group's current president was quoted as saying Monday.
The Organization of the Petroleum Exporting Countries,
or OPEC, won't need to hold an emergency meeting if oil prices rise above $100
a barrel, the group's current president was quoted as saying Monday.
"If oil prices increase to $100 or more, it is not worrying and does not
justify holding an extraordinary meeting by OPEC," Iranian oil minister
Masoud Mirkazemi was quoted as saying by the ministry's news agency Shana.
Mirkazemi also acts as OPEC's president this year.
The remarks come after the International Energy Agency suggested OPEC should
release more crude to squash a current oil-priced hike it says could hit the
global economy.
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