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Iranian Oil Minister calls on OPEC to prevent prices slide

Brent crude traded near $97 a barrel on Friday, but was set for its third weekly fall

Published: Updated:

Iranian Oil Minister Bijan Zanganeh called on OPEC members to “make joint efforts” to keep oil prices from falling further, the oil ministry website Shana reported on Friday.

Given the downward trend of oil prices, OPEC members should make efforts to balance production to avoid further price instability, Zangeneh said on the Shana website.

Brent crude traded near $97 a barrel on Friday, but was set for its third weekly fall in four as hefty supplies erased price gains and outweighed concerns that rising tensions in the Middle East have disrupted supplies.

Oil ministers from the Organisation of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on Nov. 27, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.