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Commodities Briefing - Categorized | Oil, Price Watch more

OPEC holds oil price firm, welcomes back Iran

Posted on 05 December 2013

OPEC’s latest meeting at its Vienna headquarters welcomed back a lost member, Iran, and decided to maintain the status quo for another six months. Production will not be increased to allow Iran to regain its former quota and second producer position, currently held by Iraq. The agreement caused a dollar-a-barrel fall in the price of Brent crude.
“I’m sure that all OPEC members show wisdom and when member countries, after limitation, return to the market they understand (that) they should open the doors for him and not fight with him,” said Iranian Oil Minister Bijan Namdar Zangeneh………………………………………..Full Article: Source


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