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Iran: Emergency OPEC meeting may stabilize oil market

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/08/2015 (11:30)
According to media reports, Iran’s Oil Minister Bijan Zanganeh reported that an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) may stop further declines and help stabilize prices in oil markets. Previously, Algeria had also suggested an emergency OPEC meeting to discuss globally plunging oil prices.

A majority of the 12 OPEC members is needed to call an emergency meeting before the organization’s next scheduled meeting, which is set to be held on December 4. According to some delegates, an emergency meeting is unlikely unless Saudi Arabia, the cartel’s top oil exporter, endorses the proposal.

According to data released by OPEC, the group’s crude oil supply reached a 3-year high in July stemming from rising Iranian crude oil output. OPEC output rose by 100,700 barrels per day (bpd) to reach 31.5 million bpd.

Meanwhile, global oil prices have dropped to the lowest levels seen since March 2009, according to weekly average prices on ChemOrbis Price Wizard. On Friday, NYMEX October crude was down 87 cents to settle at $40.45/barrel while ICE October Brent crude was down $1.16 to settle at $45.46/barrel.
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