Nigeria to call emergency OPEC meeting if oil price drop continues

Nigeria will call an extraordinary meeting of OPEC if crude oil prices slip any further, the country’s oil minister said in an interview with the Financial Times, in a sign of growing alarm over the impact of oil’s collapse on oil-producing economies, Reuters reports.

As OPEC president, she is responsible for liaising with member countries and the producer group’s secretary-general in the event of an emergency meeting. If the 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”, she said. Almost all OPEC countries, except perhaps the Arab bloc, are “very uncomfortable,” she added.

The comments are the first public sign of the deepening unease about the oil crisis since Venezuela and Iran last month pushed for the cartel to cut output in a bid to reverse the more than 50-percent drop in prices since June last year. In November, the 12-member group chose to hold production at 30 million barrels a day. The next official meeting is scheduled for June.

 

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...