TEHRAN, (Reuters) – Iran, holder of the OPEC presidency, is ready to hold an emergency meeting before the next scheduled talks, although the idea was rejected at the group’s meeting this week, its OPEC governor was quoted as saying.
Iran suggested at the OPEC meeting, which failed to come up with an agreement, that ministers delay a decision on raising output by two or three months and then meet again in Iran in September.
The idea was rejected by countries including Saudi Arabia, which wanted an immediate increase in oil output to help control rising prices and spur economic growth, but was supported by long-time Tehran ally Venezuela.
Iran has not yet given up on the idea of holding an emergency meeting before the group meets in Vienna in December.
“It was decided that subsequent to this meeting … there be a decision made regarding the holding of an extraordinary meeting,” OPEC governor Mohammad Ali Khatibi told the semi-official Mehr news agency on Friday. “There has not been a time or venue decided for the emergency meeting, but the idea of holding it has not been negated,” he said.
OPEC failed to agree on an increase in production, which consuming countries lobbied for and leading exporter Saudi Arabia pushed for, because other producers with little or no spare capacity to raise production said they feared prices could tumble.
Saudi Arabia will raise output to 10 million barrels per day in July from 8.8 million bpd in May, Saudi newspaper al-Hayat reported on Friday, as Riyadh proceeds outside official OPEC policy.