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. 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. 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.
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