Iranian President Hassan Rouhani has stressed the need for stability in global oil prices, warning against consequences of sharp price fluctuations on world’s economy, Press TV reported.

Iranian President Hassan Rouhani has stressed the need for stability in global oil prices, warning against consequences of sharp price fluctuations on world's economy, Press TV reported.  

“Market turmoil and sharp rise or fall in the oil price will affect the stability of global economy; therefore, efforts should be made for oil to have a balanced price,” Rouhani said in a meeting with Venezuelan Foreign Minister Rafael Ramirez in Tehran on Saturday.

He also underlined the need for mutual consultation on major global economic issues, including oil price instability.

Rouhani’s remarks come as the 166th ministerial meeting of OPEC is scheduled to be held in Vienna on November 27 to discuss sharp reduction in oil prices.

Oil prices have plunged in Asia, with analysts laying the blame on the rise in the value of the US dollar and the improbability that the intergovernmental OPEC body cuts crude output.

On Thursday, the price of Brent crude slipped to below USD 80 a barrel, marking a fresh four-year low.

OPEC is a Vienna-based intergovernmental organization of 12 oil-producing countries, which groups Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

OPEC members pump about 40 percent of the world's oil with Iran being currently the organization’s third largest oil producer.