AGL 41.50 Increased By ▲ 2.96 (7.68%)
AIRLINK 128.00 Decreased By ▼ -1.50 (-1.16%)
BOP 6.26 Increased By ▲ 0.65 (11.59%)
CNERGY 4.13 Increased By ▲ 0.27 (6.99%)
DCL 8.44 Decreased By ▼ -0.29 (-3.32%)
DFML 40.69 Decreased By ▼ -1.07 (-2.56%)
DGKC 87.90 Decreased By ▼ -0.40 (-0.45%)
FCCL 34.10 Decreased By ▼ -0.90 (-2.57%)
FFBL 66.33 Decreased By ▼ -1.02 (-1.51%)
FFL 10.56 Decreased By ▼ -0.05 (-0.47%)
HUBC 108.70 Decreased By ▼ -0.06 (-0.06%)
HUMNL 14.46 Decreased By ▼ -0.20 (-1.36%)
KEL 4.65 Decreased By ▼ -0.10 (-2.11%)
KOSM 7.33 Increased By ▲ 0.38 (5.47%)
MLCF 42.72 Increased By ▲ 1.07 (2.57%)
NBP 60.84 Increased By ▲ 1.24 (2.08%)
OGDC 178.97 Decreased By ▼ -4.03 (-2.2%)
PAEL 25.70 Decreased By ▼ -0.55 (-2.1%)
PIBTL 6.06 Increased By ▲ 0.09 (1.51%)
PPL 146.15 Decreased By ▼ -0.55 (-0.37%)
PRL 24.91 Increased By ▲ 1.30 (5.51%)
PTC 16.14 Decreased By ▼ -0.42 (-2.54%)
SEARL 70.20 Increased By ▲ 1.90 (2.78%)
TELE 7.22 Decreased By ▼ -0.01 (-0.14%)
TOMCL 36.20 Increased By ▲ 0.25 (0.7%)
TPLP 7.84 Decreased By ▼ -0.01 (-0.13%)
TREET 15.59 Increased By ▲ 1.39 (9.79%)
TRG 50.36 Decreased By ▼ -0.09 (-0.18%)
UNITY 26.90 Increased By ▲ 0.15 (0.56%)
WTL 1.24 Increased By ▲ 0.03 (2.48%)
BR100 9,795 Decreased By -11.1 (-0.11%)
BR30 29,647 Decreased By -31.2 (-0.1%)
KSE100 92,021 Decreased By -282.9 (-0.31%)
KSE30 28,665 Decreased By -175.5 (-0.61%)

Iran says the recent steep slide in oil prices and worsening global financial crisis will be studied carefully before it makes a proposal on output reductions for Opec, the Islamic Republic's Opec governor said on Sunday. "It is not fair to say so early. That is why we should consider all factors carefully and look at the supply-demand balance," Muhammad Ali Khatibi told Reuters.
On Sunday Iran's Oil Minister Gholamhossin Nozari was quoted in a local Iranian newspaper that it would push for a cut in oil output at the group's emergency meeting on November 18.
Khatibi said that especially troubling was how deep oil prices had fallen in recent months versus other financial indexes. "Oil prices have fallen more than 40 percent and the decline is not comparable to other financial indexes," he said.
Oil prices touched 13-month lows on Friday in a global flight from risk, amid concerns of a world-wide recession and further signs of slumping energy demand.
The price fall has caused some members of the cartel to call for a reduction in production levels and the cartel will discuss the impact of the global financial crisis on the oil market at the emergency meeting on November 18 in Vienna.
Iran is the world's fourth-largest crude producer and traditionally a price hawk in Opec, which pumps about 40 percent of the oil produced globally.
Opec members Nigeria, Qatar, Libya and Iraq last week also floated the idea of a cut in the group's oil output. It does not officially have quotas, but the term is sometimes used to describe agreed output targets for each member country.
The 13-member group last met in September, when it agreed to comply strictly with its formal output target, a move Opec said meant it would cut supply by about 500,000 barrels per day (bpd).
British Prime Minister Gordon Brown has said it would be "wrong" for Opec to cut output just as oil prices are falling. On Sunday Opec said the overall bearish sentiment in the market is expected to persist, especially since there was no quick end to the current market crisis or worsening economic outlook. This view came from Mohammad Alipour-Jeddi, head of the group's petroleum studies department in a statement made to the International Monetary Fund's steering committee.

Copyright Reuters, 2008

Comments

Comments are closed.