No need for Opec meeting: Iran - Emirates24|7

No need for Opec meeting: Iran

The Iranian oil minister said in remarks published on Sunday that he did not see the need for an emergency meeting of Opec and expected crude prices to rise with any weakening in the US dollar.

Oil prices shot to a record high on Friday near $128 despite an offer of more supply from Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries.

Iran and other Opec states have repeatedly said in recent weeks that there was no lack of supply and have blamed the crude price surge on factors such as the weak US dollar and speculation.

"I believe there is no need for an (emergency) OPEC meeting," Gholamhossein Nozari told Fars News Agency when asked if the group should meet before a scheduled gathering in September. "Why should there be this meeting when oil prices go up?"

"Currently, Opec members are using their full capacity and are supplying their oil (to the market) ... With oil at $126 (a barrel), it is not wise for those who have oil not to supply it," he said in an interview that Fars said took place last week.

"As long as the decrease in the dollar's value continues, oil prices will continue to rise. I believe that it is not oil becoming more expensive, it is the dollar becoming cheaper," the minister said. 

 

 

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