No need for OPEC emergency, Iran says

March 28, 2011 at 10:01 AM
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TEHRAN, March 28 (UPI) -- The Organization of the Petroleum Exporting Countries doesn't need to have an extraordinary meeting to address the current energy market, Tehran said.

Oil prices on international markets are hovering at post-recession highs in part because of Arab uprisings in the Middle East. Though rebel forces advanced on key areas during the weekend, oil production from Libya is shuttered by conflict.

Nevertheless, Iranian Oil Minister Masoud Mir Kazemi said there was no need for OPEC intervention.

"In the current situation there is no need for an emergency meeting of OPEC," he told the semiofficial Mehr News Agency.

The United States and European Union announced last week that the Libyan National Oil Corp. was subject to economic sanctions because of the conflict.

Japan, meanwhile, is taking on more crude and natural gas to make up for the energy deficit from its nuclear crisis.

The International Energy Agency said there were other factors like data transparency within energy markets that are at play in oil price volatility, however.

Iran occupies the rotating OPEC presidency. The next regular meeting is in June.

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