‘Proposed OPEC meeting may hurt market’

Dubai, January 23

Iran’s oil minister said on Friday any emergency meeting of the Organisation of Petroleum Exporting Countries (OPEC) would hurt the crude oil market if it made no decision to shore up falling prices.

Venezuela has been calling for an emergency meet to discuss steps to prop up prices, which are at their lowest since 2003. But Iran and Gulf members of OPEC have been rebuffing the push for a special meeting.

“There should be an intention to make a firm decision in such a meeting; otherwise, the meeting will have a negative impact on world oil markets,” Iran’s Bijan Zanganeh said.

The next scheduled OPEC meeting is not until June.