Tehran, February 22: Iranian OPEC governor Mohammad Ali Khatibi says the Organization of Petroleum Exporting Countries (OPEC) cannot control the political turmoil in some oil producing countries.
The political developments in the Middle East and North African regions are spreading to other countries rapidly and “OPEC can do nothing about such political problems” in these states. The group, however, is supplying more crude oil to the market than the demand, said Khatibi quoted by Fars News Agency.
He said the psychological impact of political developments in the Middle East and North Africa is the main reason behind the climbing price of oil.
The Libyan revolution and the intensifying political unrest in the North African country heavily contributed to pushing the price of Brent crude oil to above $102 per barrel. According to analysts, anti-government rallies in Yemen, Jordan, and Algeria have also influenced prices.
Price of Brent crude, the benchmark in Europe, Africa and the Middle East, surged $1.36 on Monday for April delivery to $102.30.
The Iranian OPEC governor further added that no request for an emergency meeting has been submitted by any of the member states so far.
OPEC’s next official meeting is to be held in June.
——–Agencies