The United Arab Emirates moved to quash talk of a potential emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) after Nigeria’s oil minister said on Tuesday a “couple” of members had requested a gathering, Reuters reports.

Benchmark Brent crude futures slipped toward $30 a barrel to a near 12-year low before rising slightly on Tuesday and the Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu had told reporters on the sidelines of an energy conference in Abu Dhabi that an emergency meeting to review whether OPEC should change its strategy was on the cards.

However, UAE Energy Minister Suhail bin Mohammed al-Mazroui later told the same conference the current OPEC strategy was working, adding that time was needed to allow this to happen — perhaps between one and 1-1/2 years. Mazroui added that while the first half of 2016 would be “tough” for the oil market, there would be a gradual recovery later in the year, aided by an expected drop in non-OPEC production.

 

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