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Tuesday 12 Jan 2016 - 13:35 Makkah mean time-2-4-1437
OPEC may hold a meeting on nosediving crude prices
Abu Dhabi (IINA) – The Organization of Petroleum Exporting Countries (OPEC) expects an emergency meeting following the latest spate of sharp downfall in oil prices on global energy markets.
OPEC President Emmanuel Ibe Kachikwu, who is also Nigeria’s oil minister, said Tuesday that he expects an extraordinary meeting of the organization in “early March” to address nosediving crude prices. “We did say that if it (the price) hits the 35 (dollar per barrel), we will begin to look (at)… an extraordinary meeting,” AFP quoted Kachikwu as saying.
The prices have hit levels that necessitate a meeting, the OPEC chief told reporters at an energy conference in Abu Dhabi, UAE, adding that the objective of the emergency meeting would be to review OPEC policy to see if there was any need to change strategy. Prices of crude oil in the global market hit the lowest in 12 years.
AB/IINA
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