From the Field
OPEC members ready for emergency meeting
TEHRAN, February 4, 2016 – OPEC member states Algeria, Ecuador, Iran, Iraq, Nigeria and Venezuela would consider attending an extraordinary OPEC meeting if it is called, Venezuelan Minister of Oil Eulogio Del Pino said Wednesday.
“The idea is to not just hold a meeting, but for all the countries to attend with the intention of reaching agreements,” the minister said, according to a statement released by his ministry while in Iran. Oil prices are currently “below equilibrium,” he added.
According to Del Pino, non-OPEC producers Oman and Russia would join in talks if scheduled. On Monday, Russian Energy Minister Alexander Novak signalled a willingness to be part of a meeting with member and non-member countries on the topic of market stability.