Iran's Oil Minister Bijan Zanganeh blamed the latest drop in oil prices on some members of OPEC and questioned whether any OPEC emergency meeting would reach an agreement, the oil ministry's news agency Shana reported.

"To balance the oil price... OPEC members should balance their production. An emergency meeting has been requested and we don't have a problem with that," Shana cited Zanganeh as saying.

"But as you know the result of OPEC meetings should be approved by all members, I think some members do not want the price of oil to be high and they want to damage other countries by low prices."

Zanganeh, said on Sunday that holding an emergency OPEC meeting may be "effective" in stabilizing the oil price.

Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates said no meeting was planned.

Source: www.reuters.com

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