Nigeria’s minister of state for petroleum resources, Emmanuel Ibe Kachikwu has said that OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, Bloomberg reports.
The 13 members of the Organization of Petroleum Exporting Countries (OPEC) will work toward meeting in early March, Kachikwu said in an interview in Abu Dhabi on Tuesday. Members are already engaged in informal discussions with some non-OPEC producers, including Russia, to join any future production cut to shore up prices, he said.
OPEC, which supplies about 40 percent of the world’s oil, effectively abandoned output limits in December, potentially worsening a glut created after producers from the U.S. to Russia and Saudi Arabia pumped more than demand warranted. Benchmark Brent crude was trading at $30.98 a barrel at 9:12 a.m. on Tuesday in London.