With oil prices in free fall, an OPEC extraordinary meeting is likely: Iranian oil minister

OPEC Zangeneh
OPEC Zangeneh

Consensus among all members will determine whether or not an extraordinary meeting of OPEC should be held in case global oil prices continue to drop, said the Iranian oil chief.

On December 10, Aftab-e Yazd, a daily, dedicated a column of its economy section to the comments of Iran’s Oil Minister Bijan Namdar Zanganeh about the recent decline in oil prices. What follows is the translation of the comments of the minister about the likelihood of an extraordinary OPEC (Organization of Petroleum Exporting Countries) meeting if oil prices continue their free fall:

“All decisions at OPEC are made by consensus among all members. Whether or not the organization convenes an extraordinary session will depend on a consensus too. At the last OPEC gathering, all members contributed to the decision-making process when it came to an output ceiling,” he said.

As for next year’s spending package which is drafted based on oil prices of $70 per barrel, he said, “It is not an easy task to project oil prices in 2015. News on the issue is mostly speculative.”

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