Azerbaijan, Baku, Jul.31/ Trend F.Milad/
Iranian Oil Minister Rostam Qasemi has said that $100 oil per barrel is equitable.
In an interview with the Mehr News Agency, Qasemi said that if the oil price remains over $100, there will be no need for the Organsation of Petroleum Exporting Countries (OPEC) to hold an extraordinary meeting.
'In the 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 the secretary general of OPEC to make preparations for holding an emergency meeting,' Qasemi told the Shana News Agency on July 9.
Qasemi warned that if OPEC members failed to comply with the agreed production ceiling of 30 million barrels per day, this would disrupt balance in the oil market.
'If OPEC members don't observe the agreed production ceiling, it will be followed by upheaval in the oil markets,' he said.
In its last meeting in mid-June, OPEC agreed to adhere to the collective limit implying a 1.6 million bpd cut from the actual supply for 12 members of 31.5 million.
Brent crude oil fell to near $106 per barrel on Monday as worries that an expected stimulus from the United States and Europe may not be enough to lift their slowing economies, overshadowed signs of lower production from OPEC in July.
Supply from the 12 member OPEC states fell by 450,000 barrels per day (bpd) in July to 31.18 million bpd, a Reuters survey showed, as Western sanctions further cut supply from Iran and also due to reduced shipments from Angola, Saudi Arabia and Libya.