Iran Urges OPEC to Decide on Oil Price Rise

The Organization of the Petroleum Exporting Countries (OPEC) should hold "serious talks" with non-OPEC producers in order to raise and stabilize the price of oil in the international market, Rouhani was quoted as saying by Press TV, reported Xinhua.

"Efforts should be made so that the expert committee would make a decision on increasing the global oil price in the November OPEC meeting," the Iranian president said in a telephone conversation with Venezuelan President Nicolas Maduro on Monday (3/10/2016).

On Wednesday (28/9/2016), OPEC member countries agreed during an extraordinary meeting in Algeria to cut crude production by 750,000 barrels per day in a bid to lift crude prices.

Oil prices reversed early losses to end higher in Asia on Tuesday morning, as Irans leader called on other oil producers to join OPEC in supporting the crude market.

West Texas Intermediate (WTI) crude for November delivery added 0.57 US dollar to settle at 48.81 US dollars a barrel on the New York Mercantile Exchange.

Meanwhile, Brent crude for December delivery increased 0.70 US dollar to close at 50.89 US dollars a barrel on the London ICE Futures Exchange.