OPEC ministers will hold an extraordinary meeting if global crude prices continue to fall, Iran's OPEC Governor Mohammad Ali Khatibi has announced, Press TV reported with reference to the Iranian Oil Ministry's official website Shana.
Khatibi said on Friday that if oil prices keep falling, the OPEC ministers will hold the meeting to consult, but it is too early to decide whether there is a need for an extraordinary meeting since oil price fluctuations in the market are normal.
He also stated that the economic problems of the United States and European countries are dragging crude oil prices down and noted that economic problems can have an impact on world oil demand.
He added, "The decrease in oil prices in a few days cannot be used as a criterion for making decisions about the future of the market, and a decision can only be made if the trend continues."
Iran officially took over the rotating presidency of OPEC for the first time in 36 years in January 2011.
The next ordinary OPEC session is scheduled to be held on December 14 in Vienna.