OPEC has done all it can to calm raging oil markets and soaring prices, Iranian Oil Minister Bijan Zanganeh said Friday as he arrived for a major oil forum between producers and consumers.
"It does not depend on our measures," he told reporters. "We are looking to stabilize the market situation, but it depends on many players. OPEC is not the only player in the market, and we think we have done everything we could do, and we do not think that we can do anything more now. It depends on the market stock level and the balance between stock and demand, and it needs more time to monitor the market and do something."
Zanganeh said the possibility of a crash, if prices remained at highs not seen since the 1991 Gulf war, was "one of our serious concerns, but we need to monitor the market carefully." — (AFP)
©--Agence France Presse.