Iraq is ready to take part in an extraordinary Opec meeting and even reduce its fast growing output if all Opec and non-Opec members agree – a deal which at this stage seems elusive, the country’s finance minister said.

Hoshiyar Zebari said in an interview Iraq is willing to take part in meetings that Venezuela has called for in order to lift oil prices that have plunged to 12-year lows near $30 a barrel.

The Organization of the Petroleum Exporting Countries (Opec) said it was considering a request from cash-strapped Venezuela to hold an emergency meeting. Venezuela has also called for a meeting of Opec and non-Opec nations in February.