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.