Low oil prices will not support the economic growth of The Developing Eight, D-8, countries in the long-term, the secretary general of the organization said.
The D-8 countries are in balance despite the affect of the falling oil prices have had but, further decrease in the price of oil will hinder the economic development of the organization, said Sayed Ali Mohammad Mousavi, speaking to The Anadolu Agency.
"Iran and Nigeria, and Malaysia and Indonesia to some extent, rely on the export revenue of oil and have been negatively affected by the low prices," Mousavi said and added that the prices have pressurized the national budget of those countries.
He added that other member countries like Turkey, who depend on the import of energy sources, have benefited from the market.
Although prices have fallen more than 60 percent since June of last year, Mousavi believes prices will reach $100 per barrel in the long-term as the market stabilizes itself with political developments and supply and demand balances out.
Mousavi expressed the importance of holding the first meeting of the energy ministers in Turkey to discuss a unified action plan against possible struggles in the energy sector. He added that the meeting is likely to take place in the second half of the year.
The organization doesn't have an unified plan in energy he said and added that, "We cannot actively monitor and control energy developments because oil and gas sectors have their own mechanisms and there are long term contracts in the gas sector."
"The D-8 is still working on how to proceed in the energy sector, whether to focus on production, refinery or renewable energy," he said.
He added that at the final stage, it depends on each member country’s energy ministers to come together and draw up a road map.
"When the energy ministers sit together they will determine how to proceed," Mousavi said.
The OPEC President, Diezani Alison-Madueke, announced last week that if oil prices continued to fall, she would have to call an extraordinary meeting in the coming weeks.
Mousavi believes that a meeting is possible although no decision to cut production in OPEC will be made in the short-term.
By Zeynep Beyza Karabay