Global oil prices below $90 a barrel would be "difficult" to accept, Iraq's Deputy Prime Minister for energy told Reuters on Wednesday, in a sign that a slide in prices is starting to worry some OPEC members. Brent crude oil dipped below $100 a barrel Tuesday on growing concern about a Greek debt default and the health of the global economy. Prices have tumbled from a 2011 peak of $127 reached in April. Iraq's Hussain Al-Shahristani also told Reuters he saw no need for the Organization of the Petroleum Exporting Countries to review its crude output at its next meeting and no reason at the current time to trim production. In a further indication of concern about falling prices, an official from Iran raised the possibility of OPEC holding an emergency meeting, with its OPEC governor saying it would be a "natural" thing to do if prices continue to fall. Iran holds the rotating presidency of OPEC until the end of this year. In an interview with economic daily Donya-ye Eqtesad Wednesday, Mohammad Ali Khatibi said he expected Brent to fall below $100 and said a drop in demand had caused a surplus in supply. "The possibility for holding an extraordinary meeting always exists. At the moment some concerns have emerged and if the downward trend of prices continues naturally an extraordinary meeting can be expected," he said. Iran has said it will propose no change to output quotas.
