Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah has called for an OPEC meeting ahead of the body’s scheduled convention to discuss the fall in crude prices.
Abdullah al-Sabah says the Organization of Petroleum Exporting Countries should act if crude prices fall below 65 dollars a barrel.
His Emirati counterpart Mohammad bin Dhaen al-Hamli has also called for a “price correction.”
The drop comes amid continuing worries about the fluctuations of the euro.
The European currency has plunged to a 14-month low against the dollar, causing a sharp fall in the oil market.
On Friday, New York’s light sweet crude for June delivery shed two dollars to stop at 75 dollars per barrel.
The next OPEC convention has been slated for October.