Six members of oil producers’ group Opec and two non-members have agreed to attend an emergency meeting on oil prices, according to Venezuela’s Minister of Petroleum Eulogio del Pino.

According to Venezuela, the following Opec members have agreed to attend a meeting if it is called:

• Iraq
• Iran
• Algeria
• Nigeria
• Ecuador

Non-members Russia and Oman have agreed to attend the extraordinary meeting if it is called, according to Del Pino.

“The idea is to not just hold a meeting, but for all the countries to attend with the intention of reaching agreements,” said Del Pino in a statement. “Current prices are below equilibrium, and that encourages speculators and market instability.”

Venezuela is pushing for a deal to cut production. Its economy has been severely affected by the collapse in global crude prices, which have declined by more than 70 per cent since June 2014.