Iran governor: OPEC meeting unnecessary

Iran's Governor at the Organization of Petroleum Exporting Countries Mohammad Ali Khatibi said his country which holds OPEC presidency does not envisage holding an emergency meeting of the oil producers' group ahead of a scheduled one in December."I find it improbable to have an OPEC emergency meeting because there is no emergency matter and the market is balanced," he said. Iran along with African countries and Venezuela blocked a Saudi-led proposal to increase output targets at OPEC's last meeting on June 8, but Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally afterwards - a move Tehran criticized. "Libya is getting back to the oil market and it is predicted that by next year its production will return to normal," Khatibi said. Libya is currently pumping around 500,000 barrels per day (bpd). Before the revolution, Libya supplied about 2 percent of the global demand. On prices, Khatibi said, "The fall in the oil price is detrimental to all oil producers and exporters". Iran has said in the past it expects output quotas to remain unchanged at the December meeting.