Iran Wants Emergency OPEC Meeting To Stop Sliding Oil Prices

by Peter Mondrose August 24, 2015, 6:58 am 111 Views

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.

Iran Oil Prices OPEC

Written by Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at OnlineDegree.com.