OPEC May Have Emergency Meeting on Oil Slide

Members of Opec have discussed holding an emergency meeting if crude continues to slide, according to Nigeria’s oil minister, in a sign of their growing alarm over the impact of a lower oil price on their economies.

The comments by Diezani Alison-Madueke come three months after the cartel’s decision to hold production at 30m barrels a day, even as the oil price has plunged since mid-June.

That move, driven by Saudi Arabia and its Gulf allies, marked a sharp deviation from Opec’s traditional strategy of adjusting production to keep prices high. The group’s main objective is now to defend market share, despite dramatically reduced revenues.

CNBC

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