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Iran Hosts 4-Way Ministerial Meeting to Tackle Oil Price Slump

(Wednesday, February 17, 2016) 15:31

TEHRAN, Feb. 17 (Shana) -- Tehran is to host a meeting of oil and energy ministers of Iraq, Venezuela, Qatar and Iran on Wednesday to work out solutions to save the global crude oil prices to stabilize the market.

Iranian Minister of Petroleum Bijan Zangeneh, Venezuelan Oil Minister Eulogio del Pino, Iraqi Oil Minister Adil Abdul-Mahdi and OPEC President and Qatari Minister of Industry and Energy Mohammed al-Sada have joined in Tehran to discuss measures to curb falling oil prices. 

Oil price tailspin has continued for the past 18 months and have plunged by at least 70% since July 2014. 

The Tehran meeting is coming only one day after oil and energy ministers of Russia, Saudi Arabia, Qatar and Venezuela met in Doha for the same purpose. The four crude oil exporters agreed to freeze market supplies to January level.