TEHRAN (FNA)- OPEC oil ministers arrived in Vienna ahead of an emergency meeting in response to the global economic crisis.
Iran and Venezuela are urging OPEC to slash output to stem a steep slide in crude oil prices their cheapest in 15 months.
After arriving in Vienna on Thursday, Venezuela’s oil minister predicted there would be a consensus within OPEC to reduce output during emergency talks on Friday.
Meanwhile, Iran said a cut of two million barrels a day will help stabilize the market.
And, Venezuela said present oil prices will likely force their countries to rethink or cut spending next year.
Other OPEC members agreed that a fine line has to be walked to stop the market’s decline.
Meanwhile, OPEC President Chakib Khelil stressed OPEC’s responsibility to balance the needs of consumers and producers in its output decision.
Chakib Khelil, OPEC President, said, “I think the concern of the producing countries is that whatever decision is made is not to have an impact on increasing the pain for the consumer countries. Second, the decision should not leave the producer countries in the situation where they will be joining the group of countries which are already suffering from the financial crisis.”
However, Qatar’s oil minister said OPEC – alone – will not be able to solve problems within the market.
In the past, sizable cuts in OPEC production have led to significant jumps in prices.
But with demand already falling due to the global economic downturn, even a large reduction may fail to prop up the market.