Business | Oil & Gas
Iran welcomes Saudi proposal for oil meeting
Iran welcomes a proposal by Saudi Arabia for a meeting between oil producers and consumers, Iran's semi-official Mehr News Agency said on Tuesday, citing the Islamic Republic's Opec governor.
- Agencies
- Published: 19:21 June 10, 2008
Tehran: Iran welcomes a proposal by Saudi Arabia for a meeting between oil producers and consumers, Iran's semi-official Mehr News Agency said on Tuesday, citing the Islamic Republic's Opec governor.
Top oil exporter Saudi Arabia said on Monday it will soon call for such a meeting to discuss what it called the unjustified rise in prices.
"Iran welcomes the Saudi ... proposal," Mehr said in a headline of an interview with Mohammad Ali Khatibi, Iran's representative to the Organisation of the Petroleum Exporting Countries (Opec).
Mehr said Khatibi called the proposal positive. He told reporters on Monday that oil's price rise had nothing to do with a supply shortage and there was no reason for Opec to hold an emergency meeting.
Khatibi told Mehr: "We have to bear in mind that the oil market's problems must be dealt with in a fundamental way and not just deal with the market's present condition."
He said such a fundamental solution required sincere cooperation between consumers and producers, Mehr said.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
