Oil Crash: Iran Reacts to Nigeria's Call for Emergency OPEC Meeting

Following the depreciation of several oil dependent nations' economy, Group Managing Director of Nigeria's state oil company, Ibe Kachikwu, has joined other concerned nations to call for an emergency OPEC meeting.

"There is a lot of energy around trying to meet earlier. Obviously, some of that is a panic reaction. Do we just sit back and watch or do we put more efforts in talking to countries, like Russia, to try to get some consensus of what we need to be doing?" he said at the World Economic Forum in Davos.

However, other prominent OPEC members, such as Iran, disagree with the premise of an emergency meeting. Bijan Zanganeh, Iran's oil minister, stated that the organization currently has little intention of making a drastic change.

"There should be an intention to make a firm decision in such a meeting; otherwise, the meeting will have negative impacts on world oil markets. The important thing is that there must be an intention for change, but we have not yet received such a signal," the oil minister said according to Reuters.