Urgent meeting for Gulf ministers of petroleum tomorrow

Prices of crude oil nearly reached $12 per barrel for the first time in eight weeks following reports of an agreement between Saudi Arabia and Iran for fruitful cooperation in increasing petroleum prices.

The coming conference of OPEC (Organization of Petroleum Exporting Countries) that will be held on March 23 will renew discussions of production shares and take necessary measures concerning production.

Gulf petroleum sources said that the ministers of petroleum in the Gulf states are meeting tomorrow on the margins of the Saudi celebration on the opening of El-Sheeba field and that the ministers are going to study the position of the petroleum market in the shadow of indicators for the second half of current year.

The sources said the meeting will be coordinated before the meeting of OPEC on March 23 in Vienna, Austria.