Tehran: Iran plans consultations with fellow members of the Organisation of Petroleum Exporting Countries and other oil producers in response to a possible release of strategic crude stockpiles by the US, the oil ministry website Shana reported, citing the ministry’s spokesman.
Opec and other suppliers require an active policy to defend their interests in the oil market, Alireza Nikzad Rahbar said, according to the news agency. A decision by the US President Barack Obama to release reserves would be politically motivated, to calm prices and placate voters ahead of the country’s presidential election in November, Shana cited Rahbar as saying.
The Obama administration is monitoring oil markets and a release from the nation’s Strategic Petroleum Reserve remains “an option that is on the table” if prices rise or supply is disrupted, Josh Earnest, a White House spokesman, said on August 17.
Crude for September delivery, which has expired, rose 71 cents to $96.68 a barrel Wednesday, the highest close since May 10. The October contract was at $96.68 in electronic trading on the New York Mercantile Exchange, down 16 cents as of 10.40am London time.
