Reuters reported that Iran’s oil minister, Bijan Zanganeh, told the country’s oil ministry news agency Shana that an OPEC emergency meeting may help stabilize the oil price.

As quoted in the press release:

Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates 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 fell below $40 a barrel on Friday for the first time since the 2009 financial crisis, pressured by signs of oversupply in the United States and weak Chinese manufacturing data. [O/R]

OPEC is not due to meet until Dec. 4.

While OPEC rules say a simple majority of the 12 OPEC members is needed to call an emergency meeting before then, some OPEC delegates say a meeting is unlikely unless Saudi Arabia is in favor.

Click here to read the full Reuters report.

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