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News number: 9203181206

11:37 | 2013-06-11

Economy

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Iran's Governor: OPEC Expected to Act to Stabilize Markets

TEHRAN (FNA)- Iran's OPEC Governor Mohammad Ali Khatibi said members of the oil cartel should counter the prevailing trend of falling oil prices in the markets.



"The roles different factors including economic situation and geopolitical issues play have resulted in volatility in the market," Khatibi told the oil ministry's website, and added, "We can guess the impact of economic issues to some extent but non-economic issues like geopolitics are unpredictable."

Predicting the future trends in the oil market is not an easy job due to the roles various elements play in the market, Khatibi said adding while once oil prices stood at 120 dollars, afterwards it declined to 110 dollars per barrel and now it stands at about 100 dollars.

The price of oil has declined by 10 dollars recently, an issue that OPEC members should consider it, Khatibi said, noting that continuation of declining oil prices is alarming and needs examination.

"Over the second half of the year, OPEC members should behave in a way that be able to overcome instability in the market," he continued.

He stated even though seasonal issues will boost oil demand in the second half of the year but at the same time there is the worry that oversupply prevails in the markets.

Iran's representative to OPEC said currently oil market is relatively balanced but geopolitical issues as non-economic elements can destabilize it.

"If current equilibrium in the market is continued, we can go along with it but the recent 10 dollar fall in the oil prices should be examined because if we don't address the issue, oil prices may fall again," the official noted.