Iran’s oil minister has said that an emergency OPEC meeting may be necessary to stem the tide of slumping worldwide oil prices, Reuters is reporting. Algeria has also called for an emergency meeting.
A barrel of crude oil slid to its lowest price last week of around $40, the lowest in more than six years. Record low gas prices could closely follow, which would help American drivers and car buyers, however the broader economic impact may be tougher to discern. Worldwide markets sank on Friday, largely on fears that China would slow its economic growth and instability in Greece could hamper European economies.
Iran said an emergency meeting would be “effective” in slowing the oil slump. OPEC isn’t scheduled to meet until Dec. 4.
According to the Reuters report, an emergency meeting wouldn’t likely happen without Saudi Arabia, the largest member of OPEC. Saudi Arabia has indicated it could withstand lower oil prices, and analysts say the country isn’t likely to reverse its course anytime soon.
Americans have driven more in the first six months of 2015 than they ever have, according to the Federal Highway Administration. Many people say cheap gas and good economic conditions have led to more vehicle miles traveled.
The post Iran Calls for Emergency OPEC Meeting Amid Oil Slide appeared first on The Truth About Cars.
Best Deals today in www.freepromotoday.com