OPEC considering emergency meeting

Diezani Alison-MaduekeNigerian oil minister Diezani Alison-Madueke has hinted at discontent amongst OPEC’s African members this week, and suggested that there have been discussions about holding an emergency meeting if prices continue to fall

The organisation is not scheduled to meet again until June, but Alison-Madueke, who is also the current president of OPEC, said on Monday that 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”.

The last time the organisation met was in November 2014, when members agreed to hold production at 30mn barrels per day (bpd) in the face of falling prices, in a bid to defend their market share.

However, in comments made to the Financial Times, Alison-Madueke suggested a growing dissatisfaction amongst other members with this strategy, which was driven by Saudi Arabia and its Gulf allies.

Alison-Madueke said, “Almost all OPEC countries, except perhaps the Arab bloc, are very uncomfortable.”

However, Ali Al-Naimi, Saudi Arabian minister for petroleum said in December that the country will not consider cutting production even if prices fall to US$20 per barrel.

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