Gulf News reported that Iran plans consultations with fellow members of the Organization of Petroleum Exporting Countries and other oil producers in response to a possible release of strategic crude stockpiles by the US.

Mr Alireza Nikzad Rahbar ministry’s spokesman said that OPEC and other suppliers require an active policy to defend their interests in the oil market. A decision by the US President Mr Barack Obama to release reserves would be politically motivated to calm prices and placate voters ahead of the country’s presidential election in November.

Mr Josh Earnest White House spokesman said that the Obama administration is monitoring oil markets and a release from the nation’s Strategic Petroleum Reserve remains an option that is on the table if prices rise or supply is disrupted.

Crude for September delivery, which has expired rose 71 cents to USD 96.68 per barrel the highest close since May 10. The October contract was at USD 96.68 in electronic trading on the New York Mercantile Exchange down 16 cents.

Source - Gulf News

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