Wednesday, Jul 18, 2012

By Hassan Hafidh

HALFAYA, Iraq--The Organization of Petroleum Exporting Countries doesn't need to hold an emergency meeting while oil prices are improving, OPEC president and Iraqi oil minister said Wednesday.

"When (OPEC member) Iran called for an emergency meeting, prices were low," Abdul Kareem Luaiby told Dow Jones Newswires.

Now prices are improving, he added.

"If prices collapse or increase sharply, then there will be a need for an emergency meeting."

OPEC output last month exceeded the 30 million barrels a day ceiling the organization agreed upon at the last two meetings in December and June, he said.

The OPEC president said he hoped output from the organization wouldn't exceed the ceiling this month.

He said OPEC would continue to monitor prices in order to maintain stable and reasonable prices.

Write to Hassan Hafidh at Hassan.Hafidh@dowjones.com

(END) Dow Jones Newswires

18-07-12 1355GMT