TEHRAN (IRNA) -- Foreign Minister Manuchehr Mottaki said in Isfahan on Tuesday that the Organization of Petroleum Exporting Countries (OPEC) Fund needs new strategies to face current economic challenges.

Mottaki made the remark on the first day of the 29th Conference of Ministerial Council and 123rd Meeting of Board of Directors of OPEC Fund for International Development.
He said that new strategies are needed for fostering active participation of the organization in global development programs.
The assistances rendered by the OPEC fund have helped remove a part of economic and social problems of countries, but it requires new methods to tackle new challenges, he added.
Current crises including energy crisis and price hikes are not the result of the real performance of global markets, but according to experts, they are due to counterfeit deals and demands for oil, he noted.
The minister added that the unbridled surge of oil prices in recent months has had adverse effects on the economy of developing and oil exporter countries.
Population growth and improper consumption of energy have served to worsen the effects of draught, he said, adding that these elements have concurrently pushed nations towards facing two main challenges of energy and food crises.
Mottaki called on all international organizations and charity groups to help underdeveloped nations tackle overcome such a hard situation.
The Ministry of Economy and Financial Affairs of Iran hosts the Conference of Ministerial Council of OPEC Fund being held at Hotel Abbassi in Isfahan.
Some ministers and senior officials from 12 member states of OPEC Fund are taking part in the two day conference.
President Mahmud Ahmadinejad also participated in the conference and delivered a speech on the need for the fund to adopt new programs.