Iran is to take over the rotating presidency of the Organization of Petroleum Exporting Countries (OPEC) for the first time in 36 years. Iranian petroleum minister Masoud Mir Kazemi will hold the presidency from 1st January 2011.
Kazemi was elected as the next president of OPEC at a one day meeting of the group, which is made up of 12 oil producing nations. The energy information network said the "economic situation of the different countries including industrialized countries, developing countries, oil stocks and oil prices were reviewed" during the latest OPEC meeting.
Iran , who takes over from Ecuador, is OPEC's second largest oil producer and holds about 10 per cent of world oil reserves. During the meeting in Vienna, OPEC agreed to keep its oil production target unchanged at about 24.8 million barrels a day.
Source: BBC News
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