“I find it improbable to have an OPEC emergency meeting because there is no emergency matter and the market is balanced,” he was quoted as saying.
Price hawk Iran along with African countries and Venezuela, blocked a proposal to increase output targets at OPEC’s last meeting on June 8, but Saudi Arabia, Kuwait and the UAE boosted output unilaterally afterwards — a move Tehran criticized.
“Libya is getting back to the oil market and it is predicted that by next year its production will return to normal,” Khatibi said.
Libya is currently pumping around 500,000 barrels per day (bpd), but industry sources doubt it can quickly reach pre-war levels, which represented about 2 percent of the global demand.
On prices, Khatibi said: “The fall in the oil price is detrimental for all oil producers and exporters.”
Iran has said in the past it expects output quotas to remain unchanged at the December meeting.
