The New Nation - Internet Edition

Reuters, Tehran

Iran's oil minister called for market stability on Saturday, a day after crude prices dropped more than 10 percent, and said the "current critical problem" was related to demand.

Oil Minister Gholamhossein Nozari was asked what action he believed the Organisation of the Petroleum Exporting Countries (OPEC) should take at an emergency meeting scheduled for Nov. 18 in Vienna and whether a cut in output would restore stability.

Oil prices touched 13-month lows on Friday in a global flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand.

"Studies indicate that the current critical problem has to do with demand in the market," Nozari told reporters on the sidelines of an oil conference in Tehran.

"We should be after market stability, meaning that the stability of the market is important both for the producer and the consumer," Nozari said.

On Friday, U.S. crude plunged $8.89 to settle at $77.70 a barrel, the lowest levels since Sept. 10, 2007, and down 17 percent from last Friday's settlement. London Brent crude settled down $8.57 at $74.09 a barrel.