Bijan Zanganeh, Oil Minister for Iran, Sunday endorsed an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC), saying it may be "effective" in stabilizing oil prices, Reuters reports.
"Iran endorses an emergency OPEC meeting and would not disagree with it," said Zanganeh.
Key crude benchmarks have seen a dramatic decline in recent weeks, with WTI this week trading under $40/bbl.
OPEC, which is not due to meet until December 4, could hold the emergency meeting if it is agreed to by a majority of the group's 12 members, but some delegates say that such a meeting is unlikely unless Saudi Arabia is in favour.
Earlier this month, Algeria was reported to have said that OPEC could hold an emergency meeting to discuss the drop in oil prices, but other OPEC delegates have said that no such meeting is planned.
Delegates reportedly continue to see little chance of OPEC diverting from its current policy of defending market share, but the most recent drop in oil prices is said to be "starting to sour the business mood even in Saudi Arabia."
On Tuesday, Ship & Bunker reported that, despite growing concerns over the recent renewed slide in oil prices, OPEC is unlikely cut production levels.