Ecuador’s President Rafael Correa said on Tuesday he agrees with a proposal for OPEC to call an extraordinary meeting, describing current global prices for crude oil as “unnecessarily” low.
“Of course, we agree,” Correa told reporters during a press conference, adding that there had been diplomatic movements to set the meeting up.
“Prices are unnecessarily low … and OPEC can regulate its production – together with Russia, which is not part of OPEC – to raise prices.”
In comments published on Monday, Nigeria Oil Minister Diezani Alison-Madueke told the Financial Times that she would call an emergency meeting if oil prices fell any further.
Read also: Egypt lines up $6.8 billion of Kuwaiti investment for energy projects
“It is timely that Nigeria has requested that meeting,” Correa added.
But two OPEC delegates on Tuesday said the organization has no plans to hold an emergency meeting before its next scheduled gathering in June.
OPEC’s smallest member, Ecuador has in recent years maintained a position in line with that of political ally Venezuela, which was critical of OPEC’s decision last year not to cut output in the face of an extended market rout.
Venezuelan President Nicolas Maduro visited neighbouring Trinidad and Tobago on Tuesday to sign bilateral agreements but did not mention a possible extraordinary OPEC meeting during televised comments.
