No emergency OPEC meeting without consensus, Iran says

No emergency OPEC meeting without consensus, Iran says
22:27 14 Yanvar 2016
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Baku, Azerbaijan, Jan. 14

By Umid Niayesh - Trend:

Holding an emergency OPEC meeting needs consensus, Bijan Namdar Zanganeh, Iran’s oil minister said.

Without general agreement, no emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) will be held, Zanganeh said, the Iranian oil ministry’s official SHANA news agency reported Jan. 13.

He further said that Iran has not received any request for emergency meeting so far.

OPEC oil basket price plunged to $27.07 on Jan.11. According to OPEC's official website, this figure is $11 less than Dec. 4, 2015 when the member countries failed to agree on determining a new production ceiling.

OPEC oil basket price was about $108 in first half of 2014, but has been decreasing due to glut in the markets.

Nigeria's oil minister Emmanuel Ibe Kachikwu said on Jan. 12 that a "couple" of members of the OPEC had requested an emergency meeting, adding that current market conditions support the need to hold such a gathering.

Any meeting that would take place would be to review OPEC's position to see if there was any need to change its strategy, Kachikwu said, adding that the meeting could take place in February or March.

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