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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.
Saudi Arabia, the world's top oil exporter, and other Gulf
states pushed OPEC's strategy shift last year to defend market
share rather than cut output to support prices.
Relatively wealthy, they are better able to cope with low oil
prices than Iran, Venezuela or African members.
OPEC delegates see little chance of the exporting group
diverting from its policy of defending market share, although
the latest drop in prices is starting to sour the business mood
even in Saudi Arabia.
(Reporting by Rania El Gamal; Editing by Susan Fenton)
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