TEHRAN (FNA)- Iran's OPEC governor called for more frequent meetings by the members of the world oil cartel, saying that a proper and more effective management of the current global economic crisis requires deeper discussions to evaluate production and other decisions.
Meetings "should be held more frequently because the market's developments come quickly and the management of this crisis-hit market needs more frequent meetings," Mohammad Ali Khatibi said.
OPEC held extraordinary meetings in October and December to establish quotas with the goal of bringing oil prices into profitable territory. Crude oil prices reached $147 per barrel in July but have plummeted to below $50 in recent trading.
Khatibi said some oil-producing nations were hoarding inventories, which he blamed for creating poor market conditions.
"Some oil producers store their inventories, and this has made the oil market fragile," he said.
OPEC holds biannual meetings in March and September but calls extraordinary sessions as needed. The next OPEC meeting is scheduled for March 15 in Vienna.