Oil prices have fallen to levels that require the convening of an emergency meeting of the organization of OPEC in early March, noted Emmanuel IBE Cacique.
MOSCOW, 12 Jan. The President of OPEC Emmanuel IBE Cacique anticipates convening an emergency meeting of the organization in early March to discuss the issue of the decline in global oil prices.
“We said if it (the price — ed.) stroke 35 (per barrel — ed.), we will begin to consider (—ed) an extraordinary session”, — quotes Agency France Presse words Cacique, who is also oil Minister of Nigeria.
However, he added that prices have dropped to levels that call for the meeting.
Previous OPEC meeting held on December 4, 2015. According to its results, the organization decided not to change quotas on oil production, amounting to 30 million barrels per day, thus decided to maintain the level of actual production that exceeds the quota by 1.5 million barrels, despite the low prices and the overabundance of raw materials on the market.
Against this background, oil prices are updated seven-year lows — below WTI $ 35 per barrel, Brent below $ 38. A barrel of oil OPEC on 14 December last year fell by 3,43%, for the first time since April 2004, falling to 32.6 per dollar. In early 2016 the collapse continued. Earlier Tuesday, Brent crude for the first time since February 2004, fell below the psychological mark of 31 dollars per barrel.