‘No alarm’ yet in OPEC on falling oil price

Opec, source of more than a third of the world’s oil, is unlikely to become concerned about a slide in oil prices unless Brent crude falls towards $90 a barrel, Opec delegates said on Thursday.

Brent has fallen to $106 a barrel, down more than $20 from its peak this year of $127.02, on concern of slowing oil demand due to the European debt crisis and a weakening economic outlook for the United States.

Iran, holder of the Opec presidency in 2011 and a leading price hawk in the group, said on Wednesday Opec ministers could hold an emergency meeting if members started to feel anxious about falling prices.

* username: rupertbu