The oil ministers of Iran and Venezuela on Tuesday expressed concern over the "instability of the oil market"
The oil ministers of Iran and Venezuela on Tuesday expressed concern over the "instability of the oil market" amid growing calls from OPEC members for production quota cut, state television reported.
Iran's Kazem Vaziri-Hamaneh and Venezuela's Rafael Ramirez in telephone talks backed holding an emergency meeting of OPEC to decide a cut in the output quota of 28 million barrels per day to shore-up slumping crude prices.
Vaziri-Hamaneh had earlier this week said Iran, OPEC's second largest producer, would back moves by OPEC to cut production and also supported holding an emergency meeting to make such a decision.
New York's main contract, light sweet crude for delivery in November, added 42 cents to 60.18 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for November delivery rose by 53 cents to 60.36 dollars per barrel in electronic trading.
