OPEC want an emergency meeting, says Nigeria but UAE say no need for artificial move.

Nigeria said Tuesday that some members of OPEC are pushing for an emergency meeting, but the United Arab Emirates then appeared to dismiss the idea. The comments came as oil prices CLG6,+0.38% suffered a new rout, falling below $32 a barrel, a level not seen in over a decade, amid signs of weakness in the Chinese economy and the prospect of returning Iranian oil.

The Organization of the Petroleum Exporting Countries “may hold an emergency meeting in the first quarter if prices remain at current levels,” Nigerian oil minister Emmanuel Ibe Kachikwu said Tuesday at an Abu Dhabi energy conference, according to a recording of his comments.

There is a lot of push... from various blocks within OPEC” to conduct such a gathering, he said, adding that two members had made formal proposals for a meeting. The next ordinary OPEC meeting is due to take place in June.