Azerbaijan, Baku, Dec. 14/ Trend M. Moezzi
Oil producing countries alone shouldn't be held responsible for the stability of the world's oil market, Iran's oil minister said at an OPEC meeting.
The oil market's stabilization demands suppliers' and consumers' cooperation, Oil Minister Rostam Ghasemi said in his speech at the 160th OPEC ministerial meeting in Vienna. Since the last conference in June, OPEC's reference basket price for oil reached $113 per barrel and dropped to less than $99 per barrel by the start of October.
In the 5 weeks after October 4, the price for OPEC's basket price dropped 15 percent and the challenge facing the oil market is the instability of the world's financial markets, said Ghasemi.
A comparison of projections for July and December shows that the 3.9 percent growth rate for the world's economy has dropped to 3.6 percent and estimates of 4.1 percent growth for 2012 have been reduced to 3.6 percent.