Iran to call for emergency OPEC meeting if oil price falls below $100

Iran will request an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) in case the oil price falls below 100 dollars per barrel, the Mehr News Agency quoted an unnamed official in the oil ministry as saying.

Iranian Oil Minister Rostam Qasemi had previously said that according to the agreement reached in the 161st OPEC meeting in Vienna, when oil price falls below 100 dollars per barrel, the situation is considered critical.

The global price of oil has fallen sharply in the recent days. Brent crude oil sank this week to an eight-month low.

London’s Brent North Sea crude slumped on Monday to $101.18 per barrel, which was the lowest since July 13, 2012.

According to a Mehr report, oil prices are expected to fall below 100 dollars in the next few days.

The market was rocked by forecast downgrades for 2013 from OPEC, the International Energy Agency (IEA) and the US government’s Energy Information Administration.

By The Journal of Turkish Weekly

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