Iran Wants Emergency OPEC Meeting To Stop Sliding Oil Prices

Iran Oil Shares

Iran’s Oil Minister, Bijan Zanganeh, has called for an emergency OPEC meeting in order to stabilize collapsing oil prices.

Zanganeh’s call to arms echoes a similar message sent earlier this month by officials in Algeria. Following both of those messages officials for the Organization of Petroleum Exporting Countries said no meeting was planned.

“Iran endorses an emergency OPEC meeting and would not disagree with it,” Zanganeh told reporters in Tehran, according to Shana.

U.S. oil prices CLc1 plummeted below $40 per barrel on Friday, their lowest price point since the 2009 financial crisis. Prices have continued to slide because of a massive U.S. oil surplus and devastating economic conditions in China which has slowed economic growth and exports.

OPEC rules state that a simple majority of the 12 OPEC members is needed before an emergency meeting is called.

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