Iran: Oil prices not in 'extraordinary situation'

April 17, 2011 - 0:0

Iran's oil minister says rising crude prices do not signal the sector is in an ""extraordinary situation"" and there is no need for an emergency OPEC meeting. According to the official IRNA news agency, Masoud Mirkazemi said the ""market has decided the price of crude based on supply and demand."" He spoke at an oil expo in Tehran Friday. Iran is highly dependent on oil exports and traditionally pushes for higher prices. Crude has gained 28 percent since Feb. 15, as the Libya conflict extended market concerns about supply risks and signs of a recovering U.S. jobs market bolstered optimism that crude demand will strengthen. Crude reached $113.46 on Monday, its highest level since September 2008. Iran holds the OPEC presidency. Mirkazemi said no members have sought an emergency meeting.