Oil price slide

DUBAI: Iran’s Oil Minister, Bijan Zanganeh, said on Sunday that holding an OPEC emergency meeting may be ‘effective’ to stop the oil price slump, Iran’s oil ministry news agency Shana reported.

“Iran endorses an emergency OPEC meeting and would not disagree with it,” he told reporters in Tehran, according to Shana.

OPEC is not due to meet until December 4 although Algeria has called for an emergency meeting. While OPEC rules say a simple majority of the 12 OPEC members is needed to call an emergency meeting, some OPEC delegates say unless Saudi Arabia is among those in favour no meeting is likely.