FXStreet - Oil saw a rise in its prices as dollar fell and speculations over an emergency OPEC meeting rose. Oil priced has slipped considerably, almost 70 per cent from its peak in June 2014 primarily on glut concerns and also to some extent due to drop in demand. OPEC had at is Vienna meeting in December upheld its policy of pumping record volumes to defend market share. On the other hand removal of Iran sanctions raised fears that the country’s exports would flood an already overflowing market. Non-OPEC members like Russia did not seem interested in discussing an oil cut strategy. Meanwhile, Saudi-Arabia Iran face-off further lowered the possibility of any such discussion on production cut. The less affluent OPEC countries like Venezuela and Nigeria has been demanding that OPEC slashes output as the persistent fall in output was draining their reserves and raising their deficits. The OPEC had not yielded. However, it seems now that an emergency meeting is just around the corner. Venezuela’s Oil Minister Eulogio del Pino has mentioned that certain OPEC member-states as Iraq, Algeria, Nigeria, Ecuador, Iran and Venezuela as well as non-OPEC members such as Oman and Russia are prepared for a talk. Venezuela’s Eulogio del Pino confirmed yesterday that representatives of 6 member-states of OPEC have given their consent to participate in an emergency meeting oil production cut with non-OPEC members. Iran's news agency Shana quoted Eulogio del Pino who said "The idea is not only to hold the meeting but to reach particular results.” He will likely discuss the possibility of an emergency meeting during his visit to the countries such as Qatar, Saudi Arabia and Oman. For more information, read our latest forex news.