The Iranian foreign minister says oil prices are 'unrealistic and unfair', two days after OPEC decided to leave output unchanged. "The current price of oil is unrealistic and unjust. Oil producers should take measures beyond the traditional mechanism of OPEC," Manouchehr Mottaki said in a Tuesday meeting with UAE President Sheikh Khalifa bin Zayed Al-Nahyan.
The Organization of Petroleum Exporting Countries (OPEC) decided in a Sunday summit not to cut its current production level at least until May, when the group meets in Vienna to reevaluate the oil market. OPEC said it would instead push its members to 'comply fully' with earlier agreements to reduce oil output. The 12-member group agreed to cut production by 4.2 million bpd starting from September last year.
According to the International Energy Agency (IEA), OPEC members have complied with 80 percent of their output quotas. The UAE president, for his part, said all regional states should strive to bring prices to a 'fair and real' level.
US light crude for April delivery climbed $1.24 to $48.59 a barrel on Tuesday. April crude oil options expire on Tuesday. Brent crude for May delivery was up 90 cents at 47.36 a barrel. The April contract expired Monday at $43.98.
Mottaki, who is on a visit to Persian Gulf countries, has already visited Bahrain, Kuwait and Saudi Arabia.