OPEC highly likely to call emergency meeting: President
OPEC is much likely to call an emergency ministerial meeting should oil prices fall further, the president of the oil producer group says.
If the crude price “slips any further it is highly likely that I will have to call an extraordinary meeting of OPEC in the next six weeks or so”, the Financial Times quoted Diezani Alison-Madueke, who is Nigeria’s oil minister, as saying.
She said she has already started “talking with member countries” of the 12-nation Organization of the Petroleum Exporting Countries to that effect.
The international prices of oil have plunged by nearly 60 percent since June 2014 when it was traded at a fairly stable $100 per barrel. Experts blame an oversupplied market as well as the weak global demand for sliding oil prices.
On Tuesday, Brent crude oil for April delivery reached $60.00 a barrel.
Three months ago, OPEC decided to hold production at 30 million barrels a day (mb/d). Its next ministerial meeting is scheduled for next June. Any emergency meeting would need the approval of all 12 member states.
Alison-Madueke said “almost all OPEC countries” are feeling “very uncomfortable” in the face of falling prices.
As OPEC president, the Nigerian minister is responsible for liaising with member states secretary general of the group in the event of an emergency meeting.
The Nigerian minister also said that OPEC is not the sole body responsible for oil market stability, adding, “The world has moved on from the days that OPEC was the be all and end all.”
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