Iran to hold Opec presidency for first time in 36 years

Iran's Minister of Petroleum, Masoud Mir-Kazemi Iranian petroleum minister Masoud Mir-Kazemi will hold the presidency from 1 January 2011

Related Stories

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.

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.

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.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.