TEHRAN - Iran's OPEC governor called for cooperation between oil producers to resolve the current "crisis" and create balance between demand and supply in the market, an Iranian news agency reported on Tuesday.
"The major current problem of the market is the drop of demand and over-supply," Mohammad Ali Khatibi told the semi-official Mehr News Agency ahead of a November 18 OPEC meeting.
"The best way to resolve the current crisis in the oil market is cooperation between producers to create balance between demand and supply," he said.
Oil rose more than $2 on Tuesday in a broad-based commodities rally, extending a 4 percent gain from the previous session as government moves to rescue banks raised hopes for an economic recovery.
But the price of crude is still down by more than 40 percent from a July peak of $147 per barrel.
With the retreat in crude prices, some members of the Organization of the Petroleum Exporting Countries (OPEC) have called for a cut in production when the cartel meets.
Oil Minister Gholamhossein Nozari was quoted as saying in comments published on Sunday that Iran, the world's fourth-largest oil exporter, will push for an output cut at the export group's meeting in Vienna.
Khatibi warned that the oil price drop could harm both producers and consumers. "The financial crisis in the world market has increased and this has caused the drop in oil prices," he said.
"The major current problem of the market is the drop of demand and over-supply," Mohammad Ali Khatibi told the semi-official Mehr News Agency ahead of a November 18 OPEC meeting.
"The best way to resolve the current crisis in the oil market is cooperation between producers to create balance between demand and supply," he said.
Oil rose more than $2 on Tuesday in a broad-based commodities rally, extending a 4 percent gain from the previous session as government moves to rescue banks raised hopes for an economic recovery.
But the price of crude is still down by more than 40 percent from a July peak of $147 per barrel.
With the retreat in crude prices, some members of the Organization of the Petroleum Exporting Countries (OPEC) have called for a cut in production when the cartel meets.
Oil Minister Gholamhossein Nozari was quoted as saying in comments published on Sunday that Iran, the world's fourth-largest oil exporter, will push for an output cut at the export group's meeting in Vienna.
Khatibi warned that the oil price drop could harm both producers and consumers. "The financial crisis in the world market has increased and this has caused the drop in oil prices," he said.
