OPEC to prevent oil price drop: Iran’s oil minister

TEHRAN, Aug. 26 (ISNA)-The Organization of Petroleum Exporting Countries (OPEC) is expected to take measures to prevent the falling trend of oil prices in the global market.

Iran’s minister of oil Gholam Hussein Nozari announced the news emphasizing that OPEC will study the oil supply surplus in the market and it is probable that the organization would take approaches to prevent the oil price drop.

That is while earlier Iran’s representative in OPEC had said that the oil market has a significant supply surplus of 1 million barrels per day.

Nozari also added that OPEC is studying market prices and the supply issue in order to control falling prices and will discuss the topic at September meeting.