Rostam Qasemi noted on Saturday that before the latest meeting of the organization on June 14, OPEC’s daily output stood at about 33 million barrels per day (bpd).
“During the recent [OPEC] meeting, it was decided that daily production should be reduced to 30 million bpd as it seemed that lowering oil production by OPEC members to that figure would bring a logical trend back to the market,” he added.
“According to the agreement [reached] in the 161st OPEC meeting [in Vienna], when oil price falls below 100 dollars per barrel, it is considered the critical zone [for oil prices],” the oil minister said.
Qasemi stated that in line with that agreement, Iran has asked OPEC Secretary-General Abdullah El-Badri to convene the emergency meeting of the organization.
The global price of oil hit an eight-month low on Thursday as hopes dimmed for a solution to Europe's financial crisis.
Benchmark US crude lost USD2.52, or 3.1 percent, to end at USD77.69 per barrel in New York, which was the lowest price since October 4.
Brent crude, which is used to price oil imported into the US, fell by USD2.14 to finish at USD91.36 per barrel in London.
Natural gas futures also fell by 7.6 cents to end at USD2.722 per 1,000 cubic feet in New York. Natural gas is less than a quarter of what it cost in 2008 and 38 percent cheaper than at the same time last year.
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Iran's Oil Minister says the Islamic Republic has called for an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) to discuss the unreasonable global price of oil.
News ID 182033
