Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah has called for an OPEC meeting ahead of the body's scheduled convention to discuss the fall in crude prices, PRESS TV reported.
Abdullah al-Sabah says the Organization of Petroleum Exporting Countries should act if crude prices fall below 65 dollars a barrel.
His Emirati counterpart Mohammad bin Dhaen al-Hamli has also called for a "price correction."
The drop comes amid continuing worries about the fluctuations of the euro.
The European currency has plunged to a 14-month low against the dollar, causing a sharp fall in the oil market.
On Friday, New York's light sweet crude for June delivery shed two dollars to stop at 75 dollars per barrel.
The next OPEC convention has been slated for October.
Kuwait calls for early OPEC meeting
See Also:
- OPEC: World oil demand growth to be weaker than expected due to economic concerns
- IEA revises down forecast on global oil demand
- OPEC downgrades forecast for Kazakhstan's oil production
- OPEC expects Azerbaijan’s oil production at 0.99 mln bpd in 2012
- JP Morgan: Global oil demand growth to be moderate in first half of 2012
