Mehr News Agency reported that Mr Abdul Karim Elaibi oil minister of Iraq, who is also the rotating president of OPEC, visited Tehran for talks with Iranian oil minister Mr Rostam Qasemi.

It is expected that Mr Elaibi and Mr Qasemi to exchange views on a volatility in oil prices, a violation of oil production quota by some OPEC members, and the need for a safe transit of oil through the Strait of Hormuz.

Iran has threatened it would close the strategic Strait of Hormuz, the world's most important oil shipping lane, if its interests are seriously jeopardized.

Before traveling to Tehran, Mr Elaibi had said he will urge Iran to issue real and important assurances to the world that everybody is keen to protect the waterways, production and oil exports from the region.

He added that "We at OPEC are keen on the stability of production and prices which is a guarantee to the stability of the global economy."

Iran launched a 10 day drill near the Strait of Hormuz, the only outlet from the Persian Gulf, in late December 2011. The critical shipping lane had 17 million barrels of oil per day passing through in 2011.

(Sourced from www.mehrnews.com)