As the selloff in global markets converge with growth concerns to drive down oil prices, analysts are weighing the odds that OPEC could be forced into a production cut.
In the middle of mounting speculation that major oil producing countries could cut output to put a floor under falling prices, crude tumbled to fresh six and half year lows on Monday. The moves followed last week's losses that drove U.S. light crude below the $40 mark on Friday, with the international Brent contract following a similar path downward.
The next scheduled meeting for OPEC is not until December 4th 2015. Yet with oil getting walloped daily, some think it could come much sooner—and that the oil cartel may be forced to send a message to stanch the bloodbath in crude markets.
On Sunday, Iran's oil minister, Bijan Zanganeh said an emergency OPEC meeting could be "effective" at stabilizing the price of oil, according to Iran's news agency, Shana. The comment may have exposed underlying divisions among OPEC, as other members have thus far resisted the temptation to make any overt moves to tame oil.