Iran, Venezuela and Iraq have formed an alliance within OPEC to stabilize oil prices in the light of Saudi Arabia’s efforts.

UAE and Libya increased oil production to compensate the ban on imports of petroleum from Iran. Saudi Arabia reached an extraction rate of 10 billion barrels daily trying to reduce oil prices to $60.

Iranian Petroleum Minister Rostem Qasemi requested Iraqi Petroleum Minister Qerim Al-Ayibi to hold an emergency meeting of OPEC to discuss reduction of quotas for oil extraction.

Venezuelan Petroleum Minister Rafael Ramirez is discussing the problem with Ecuador and Algeria.