Iran’s Mohammad Aliabadi , appointed last week by President Mahmoud Ahmadinejad as the nation’s acting oil minister, will represent the nation when OPEC members meet this week, the ministry’s news website Shana said.
Iran thwarted efforts by Saudi Arabia to increase oil production at last week’s meeting of the Organization of Petroleum Exporting Countries, state-run Fars news agency reported, citing the acting oil minister.
Oil rose for a third day in New York on speculation that OPEC’s failure to reach an agreement on output targets for the first time in at least 20 years may limit supply as U.S. inventories fell more than analysts forecast.
Oil surged after OPEC kept production quotas unchanged. Stocks slumped, giving the Standard & Poor’s 500 Index its longest losing streak since 2009, and the yen strengthened against all 16 major peers as an unexpected slowdown in German industrial production reinforced concern that the global economy is slowing.