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Iran says OPEC not to hold emergency meeting on declining oil price

Business Materials 10 September 2014 13:49 (UTC +04:00)

Baku, Azerbaijan, Sept.10

By Fatih Karimov - Trend:

OPEC will not hold an emergency meeting to address declining oil price, Iranian oil minister Bijan Namdar Zanganeh said, adding that Iran is in favor of higher oil prices, Iran's Mehr news agency reported on September 10.

Earlier, Zanganeh said that the ongoing fall in crude oil price is temporary.

OPEC production climbed 70,000 barrels per day (b/d) to 30.2 million b/d in August from 30.13 million b/d in July as Libyan output surged despite the downward spiral of political chaos in the country, a Platts survey of OPEC and oil industry officials and analysts showed.

The OPEC total in August represents the highest volume from the oil producer group since August 2013, when output averaged 30.28 million b/d.

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