BREAKING NEWS

Iran urges emergency OPEC meet as price drops

By REUTERS

JUNE 30, 2012 17:40

DUBAI - Iranian Oil Minister Rostam Qasemi urged OPEC's secretary general to call for an extraordinary meeting amid falling oil prices, Iranian Oil Ministry's website SHANA said on Saturday.

"In 161st meeting of OPEC it was agreed if oil prices fall below $100 per barrel it means that prices are in crisis, so we have urged secretary general of OPEC...to make preparations for holding an emergency meeting," Qasemi told SHANA.

International crude benchmarks Brent and US oil futures posted their biggest quarterly declines on Friday since the fourth quarter of 2008 due to weak demand, ample supply and economic worries.

However prices rebounded later on Friday on a deal by European leaders to shore up euro zone banks. Brent crude oil futures rose more than $6 a barrel to near $98 while US crude jumped by more than $7 to settle just below $85 a barrel.

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