Iran's oil minister said Thursday the Organization of Petroleum Exporting Countries may hold an emergency meeting in mid-November, the state IRNA news agency reported.
Iranian Oil Minister Gholam Hossein Nozari said OPEC members have begun consulting about holding an emergency meeting in mid-November in Vienna to examine the state of the oil market, IRNA said.
Nozari said "the reasons for the fall in oil price will be examined" at the meeting, according to IRNA.
The meeting is likely to be held on Nov. 18, IRNA reported, adding that a date has not been officially announced.
IRNA said Algerian officials are also working to hold an emergency meeting to discuss the state of the oil market and the reasons behind the latest drops in oil prices.