OPEC Doesn’t Need Early Meeting on $90 Oil, Iran Says

OPEC has no reason to call an emergency meeting even as oil climbs above $90 a barrel because the market is well-balanced and doesn’t need further supply, Iran’s OPEC governor said.

“Oil at $90 is not an extraordinary situation,” Mohammad Ali Khatibi said by phone from Tehran today. “There are some temporary supply issues, but stocks are high and there is no permanent shortage in supply.”