Is OPEC And Russia About To Call An Emergency Meeting On Stabilizing The Price Of Oil?

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OilPrice.com: Six OPEC Members, Plus Russia, Now Open to Emergency Meeting

Oil prices have whipsawed back and forth over the past two weeks, largely due to the rise and fall of expectations that OPEC might call an emergency meeting.

Comments from several Russian oil executives and government officials sent oil prices surging at the end of January. Then prices retraced their gains when officials from OPEC dismissed the stories as just rumors. Nothing had changed, OPEC officials argued, even though some people in Russia were hinting at a meeting.

But the rumors persist. The latest fuel to the rumor fire is the fact that now six OPEC member states have said that they would be willing to attend an emergency meeting if one was called, the highest total yet. Venezuela has officially requested an emergency meeting, and the oil minister from the South American OPEC member said that six OPEC members plus two non-members are willing to discuss measures to stabilize oil prices.

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Update: Saudi, Venezuela talk of OPEC, non-OPEC cooperation to stabilize oil market: SPA (Reuters)

WNU Editor: I do not expect any cooperation for now. Everyone is focused on keeping their market share, especially with Iran now making it very clear that they want a share of this market. My prediction .... they will only cooperate if oil prices continue to decline, especially if it should hit this price point .... Here Comes $20 Oil (Barrons).