Tehran Quartet Ministerial Meeting Opens to Tackle Oil Price Slump

A meeting of oil and energy ministers of Iran, Iraq, Venezuela, and Qatar started here on Wednesday to discuss solutions to save the global crude oil prices to stabilize the market.

Iranian Minister of Petroleum Bijan Zangeneh, Venezuelan Oil Minister Eulogio del Pino, Iraqi Oil Minister Adil Abdul-Mahdi and OPEC President and Qatari Minister of Industry and Energy Mohammed al-Sada are to confer measures to curb falling oil prices.

Oil price tailspin has continued for the past 18 months and have plunged by at least 70% since July 2014.

The Tehran meeting comes only one day after oil and energy ministers of Russia, Saudi Arabia, Qatar and Venezuela met in Doha for the same purpose. The four crude oil exporters agreed to freeze market supplies to January level.