The Organization of Petroleum Exporting Countries doesn't need to hold an emergency meeting while oil prices are improving, OPEC president and Iraqi oil minister said Wednesday.
The Organization of Petroleum Exporting Countries doesn't need to hold
an emergency meeting while oil prices are improving, OPEC president and Iraqi
oil minister said Wednesday.
"When (OPEC member)
Iran
called for an emergency meeting, prices were low," Abdul Kareem Luaiby
told Dow Jones Newswires.
Now prices are improving, he added.
"If prices collapse or increase sharply, then there will be a need for an
emergency meeting."
OPEC output last month exceeded the 30 million barrels a day ceiling the
organization agreed upon at the last two meetings in December and June, he
said.
The OPEC president said he hoped output from the organization wouldn't exceed
the ceiling this month.
He said OPEC would continue to monitor prices in order to maintain stable and
reasonable prices.
The price of OPEC's reference basket of crudes was $101.29 a barrel on Tuesday,
according to the OPEC Secretariat. That's the highest level since May 30.
Since OPEC agreed to keep its official output level unchanged on June 14, the
basket price has averaged $94.80 a barrel. It hit a low of $88.74 a barrel on
June 22, the weakest level since
Dec. 15, 2010
, OPEC data show.
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