Algeria, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Ecuador, Angola, and Venezuela are going to gather around in a few days to discuss some unprecedented happenings in the oil market.
The group’s decision can lead into a yet more severe downward movement in oil prices, or in the contrary, keep the current prices or even make them go higher a little.
Meanwhile, what seems most conspicuous is severe disagreement among the member states; something whose origins have to be found in Middle East’s political developments.
Although oil prices have plunged down within the few past weeks, some OPEC members have taken no stance against it, rather even expressing tacit consent over it.
Some other member states have taken opposite stance and demanded reduction in oil production in order to prevent prices from going down.
A bipolar situation is created as a result with Iran and Saudi Arabia on the two ends, each with their specific political stances as regional powers.
In the meantime, some countries have voiced in synchrony with Iran and have asked other members to reduce their production volume to help keep the prices. Among these Venezuela is the most prominent.
Iranian Oil Minister Bijan Namdar Zanganeh has held meetings with Iraqi, Venezuelan, Kuwaiti, Qatari, and Emirati officials in order to create some coalition prior to the summit.
Although according to the minister himself the causes and ways to cope with the plungedown in oil prices were discussed in these meetings, one is not sure how much the meetings can be effective in bringing the attending members together for a unified vote at the summit, something Zanganeh himself has reiterated.