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Iran to hold Opec presidency for first time in 36 years | Iran to hold Opec presidency for first time in 36 years |
(about 6 hours later) | |
Iran will assume the presidency of the Organization of Petroleum Exporting Countries (Opec) for the first time in 36 years. | Iran will assume the presidency of the Organization of Petroleum Exporting Countries (Opec) for the first time in 36 years. |
The country's oil minister was elected as Opec president at a one-day meeting of the group, which is made up of 12 oil producing states. | The country's oil minister was elected as Opec president at a one-day meeting of the group, which is made up of 12 oil producing states. |
Masoud Mir-Kazemi will hold the presidency from 1 January 2011. | Masoud Mir-Kazemi will hold the presidency from 1 January 2011. |
Iran, which takes over from Ecuador, is Opec's second-largest oil producer and holds about 10% of world oil reserves. | Iran, which takes over from Ecuador, is Opec's second-largest oil producer and holds about 10% of world oil reserves. |
At the meeting in Vienna, Opec also agreed to keep its oil production target unchanged at about 24.8 million barrels a day. | At the meeting in Vienna, Opec also agreed to keep its oil production target unchanged at about 24.8 million barrels a day. |
US light crude ended Thursday trading down 32 cents to $82.69. | |
Brent crude finished 11 cents lower at $84.53. |
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