Session is needed to discuss future trends in the market, not the current price changes, the President said OPEC Emmanuel IBE Cacique. According to him, the discussion should not be held in June and in March.
DAVOS (Switzerland), 21 Jan. OPEC has not yet made a decision about an emergency meeting in March, however, the majority of OPEC members are inclined to the necessity of its holding, said the President of OPEC, Minister of petroleum resources of Nigeria Emmanuel IBE Cacique.
“We are still negotiating with members of OPEC, most are inclined to pursue it, but the decision still no,” said Cacique on the sidelines of the world economic forum (WEF). However, he indicated that a meeting is needed to discuss future trends in the market, not the current price changes, “And that’s why I call for a meeting because I think we need to discuss this earlier than in June”. Earlier in January, Cacique said that he expected such an extraordinary meeting in early March. The next OPEC meeting should be held in Vienna in June.
“If you look at the trend, all will agree that current prices are wrong, and it lasts too long… Nigeria believes that the members of OPEC need to meet, whether extraordinary or annual meeting in June. But there are many attempts now to meet before. Obviously, something of this has to do with a panic reaction. But, in the end, OPEC will need to meet and decide what would be the rules,” he said, speaking at the WEF session.
The Minister also indicated that among the cartel members, there is no consensus about the tactics of further actions. “Some countries, such as Saudi Arabia, say that it is necessary to provide the market forces to choose the direction of development. Other OPEC members believe that we need to do what we have traditionally done is try to set the direction of the market,” he said at a session”.
I don’t think that OPEC is dead,” said Cacique. In addition, he reiterated the importance of cooperation between OPEC and the countries not members of the organization. “OPEC members will not in themselves bring to market the necessary changes without the cooperation with countries outside the organization,” he said, speaking at a session of the forum.
“What needs to happen is the two unit’s will meet: OPEC and non-members need to talk and see what may be the future, what we can do… We must make more effort to talk with such countries, as Russia, and try to reach a consensus that we need to do. It is in the interests of both parties. I hope this conversation will be held,” he added.