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OPEC Needs to Do More to Stabilize Prices: Iran - ASHARQ AL-AWSAT English Archive
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KUWAIT (Reuters) – OPEC should take further action to stabilize oil prices as the output cut it agreed in October was enough only to prevent a steeper fall in prices, Iran’s Oil Minister Gholamhossein Nozari said on Tuesday.

The minister also urged non-OPEC oil exporters to help the group align supply and demand and stabilize prices that fell to $60.74 a barrel on Tuesday from a peak of $147 in July.

“The decision by OPEC was able to prevent a large decline in prices but as for the stability of prices this needs a more far reaching decision and further measures,” he said during a visit to Kuwait, a fellow OPEC exporter.

Nozari reiterated that OPEC might meet before its planned gathering in December if current market conditions continued.

“We are going to review oil market conditions and if there was a need there might be an emergency meeting,” he said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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