12 Jan 2016
OPEC may hold emergency meeting if Oil drops below $30
FXStreet (Bali) - OPEC may hold emergency meeting if oil prices drop below $30 per barrel, Reuters reports, quoting Nigerian oil minister.
The Nigerian oil minister said "even current prices create the need for a meeting", adding that "the objective of the meeting would be to review policy and see if there is a need to change strategy."
At present, both brent crude and WTI Oil are trading under heavy pressure, in line with the dominant bear trend, around $30.50 mark, which suggests that the potential emergency meeting might happen anytime. Despite calls by the Nigerian oil minister, OPEC has been adamant to agree on holding these type of meetings, in a sign that interest to work towards a formal change of strategy remains low.
The Nigerian oil minister said "even current prices create the need for a meeting", adding that "the objective of the meeting would be to review policy and see if there is a need to change strategy."
At present, both brent crude and WTI Oil are trading under heavy pressure, in line with the dominant bear trend, around $30.50 mark, which suggests that the potential emergency meeting might happen anytime. Despite calls by the Nigerian oil minister, OPEC has been adamant to agree on holding these type of meetings, in a sign that interest to work towards a formal change of strategy remains low.