Wednesday, Jul 04, 2012

(This story was originally published Tuesday)

By Summer Said

DUBAI--Algeria may support an emergency meeting of the Organization of the Petroleum Exporting Countries if crude prices continue to decline further, the country's Energy Minister Youcef Yousfi told state radio Tuesday, backing an earlier call from fellow group member Iran.

"If the price falls further, we support the idea of the organization's extraordinary meeting," Mr. Yousfi said.

The cartel's president, Iraq's oil minister Abdul Kareem Luaiby, has the right to call for a meeting if prices plunge, he added.

Mr. Yousfi has previously said that OPEC may meet to discuss falling oil prices, which are impacted by oversupply, but he did not clarify the level at which OPEC would call for an emergency meeting.

"There are currently 2 million barrels per day extra oil on the market from a year ago," he added.

Last month, OPEC agreed to maintain its combined production ceiling for its 12 members at 30 million barrels a day, but several members signaled that the group could meet again soon if oil prices retreat much more.

Iran's oil minister Rostam Ghasemi late Saturday called for an emergency OPEC meeting to cut output after oil prices fell below $100 a barrel.

Earlier Tuesday, Mr. Ghasemi said that other OPEC members back his call for an emergency meeting to discuss the situation.

"Fortunately OPEC members, like Algeria, agree with holding this extraordinary meeting," he told Iran's Fars news agency.

However, Kuwait's oil minister Hani Hussein, who is considered one of the group's more consumer-friendly members, said Sunday that the international crude markets have abundant supplies that exceed demand, but there are no signs to be alarmed as of now.

-Write to Summer Said at summer.said@dowjones.com

(END) Dow Jones Newswires

04-07-12 0347GMT