Youcef Yousfi: 'OPEC could meet in bid to address plummeting oil prices'

Algeria’s energy and mines minister, Youcef Yousfi, has pointed to the likelihood of an extraordinary meeting of OPEC member-countries to discuss how best to stem falling oil prices.Mr Youcef Yousfi said Sunday in Algiers that it was agreed at the last OPEC gathering that there would be a meeting “to correct imbalances,” if the market reached a certain point.The energy and mines minister didn’t say what that red line would be.Benchmark crude had been hovering around $80 per barrel. But on Friday oil soared the most in more than three years after European leaders took surprisingly aggressive steps to halt a debt crisis that has undermined confidence in the global economy. Benchmark U.S. crude ended the week at $84.96 per barrel in New York.Mr Yousfi said there are 2 million more barrels on the world market today than a year ago.