Members of the Organization of Petroleum Exporting Countries (OPEC) have discussed holding a possible emergency meeting to stem the continued slide in oil prices, the Financial Times of London is reporting.
The paper’s report is based on comments by OPEC president Diezani Alison-Madueke of Nigeria
“Almost all OPEC countries, except perhaps the Arab bloc, are very uncomfortable” with current oil prices, Alison-Madueke told the Financial Times.
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. “We’re already talking with member countries.”
Saudi Arabia, OPEC’s biggest producer, has led the drive to sustain the cartel’s production of about 30 million barrels of oil per day in order to gain market share.
But the more than 50 per cent decline in oil prices over the past eight months has severely damaged the balance sheets of many OPEC producers, including Nigeria, who need much higher prices in order to balance their budgets.
