Iran Calls for Emergency OPEC Meeting Amid Oil Slide

Aaron Cole
by Aaron Cole

Iran’s oil minister has said that an emergency OPEC meeting may be necessary to stem the tide of slumping worldwide oil prices, Reuters is reporting. Algeria has also called for an emergency meeting.

A barrel of crude oil slid to its lowest price last week of around $40, the lowest in more than six years. Record low gas prices could closely follow, which would help American drivers and car buyers, however the broader economic impact may be tougher to discern. Worldwide markets sank on Friday, largely on fears that China would slow its economic growth and instability in Greece could hamper European economies.

Iran said an emergency meeting would be “effective” in slowing the oil slump. OPEC isn’t scheduled to meet until Dec. 4.

According to the Reuters report, an emergency meeting wouldn’t likely happen without Saudi Arabia, the largest member of OPEC. Saudi Arabia has indicated it could withstand lower oil prices, and analysts say the country isn’t likely to reverse its course anytime soon.

Americans have driven more in the first six months of 2015 than they ever have, according to the Federal Highway Administration. Many people say cheap gas and good economic conditions have led to more vehicle miles traveled.

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  • ReSa ReSa on Aug 24, 2015

    Unleaded at USD 7.1 per gallon here in the Netherlands. Stop complaining, fill up your gas guzzlers and be happy :)

  • Blaz Blaz on Aug 24, 2015

    It was about time for this sucker to go down!

  • Brettc Brettc on Aug 24, 2015

    Gas is about $2.50 while diesel is currently at about $2.34 here in Southern Maine. I looked at my Fuelly records and I haven't seen diesel that cheap since about 2005, just before Katrina hit. Hopefully it continues on for a while. Propane is also about $1.90/gallon to lock in for the winter, which is much better than the $3 plus that it cost a couple years ago.

  • RS RS on Aug 24, 2015

    When will the US join OPEC? OPEC should be thanking the US for not allowing full exporting - yet. It is interesting that none of the peak oil guys planned on new technology to find/recover crude. OPEC is crazy to think they can turn that off with their supply manipulation. The next time prices go up, supply will to. ..and demand doesn't seem to be increasing.

    • VoGo VoGo on Aug 24, 2015

      OPEC is the organization of petroleum EXporting countries. The US is a net IMporter of oil, and will be for the foreseeable future.