Tehran, Iran, Oct. 17
By Milad Fashtami - Trend:
Iran's Former OPEC governor Mohammad-Ali Khatibi said that the organization needs to take action in order to prevent oil prices from falling any further.
"OPEC needs to support its members," he said, Iran's Fars News Agency reported on October 17.
Khatibi also said that many countries are waiting for Iran to take action.
According to the OPEC's official website, the 166th (ordinary) OPEC meeting is scheduled to be held on Nov.27 in Vienna.
"OPEC needs to hold an emergency meeting," Khatibi said. "Oil revenues are vital for Iran's economy, therefore we need to increase prices by any means."
It is while Iranian Oil Minister Bijan Namdar Zanganeh says there is no need for any emergency meeting.
Iran's media said on Oct. 17 that the country's President Hassan Rouhani ordered the Oil Ministry to take measures to prevent falling of oil prices by using diplomatic leverages. The details of Rouhani's order were not disclosed, but it could refer to a need for holding an immediate OPEC meeting.
Iran has decided to sell its crude oil to Asia in November at the biggest discount in almost six years.
The decision was made after Saudi Arabia cut prices for all grades and to all regions for November. Qatar and Iraq decreased their prices.
Tehran's move has raised some concerns about a possible budget deficit in the current Iranian calendar year (to end March 20, 2015).
Iran's current year budget envisages the price of $100 for each barrel of oil. It is while according to Iran's Mehr News Agency, each Iranian oil barrel is currently sold at $86. The Brent crude, the international benchmark, was also traded at the price of $88.72 on October 16.
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