Emergency Opec meeting aired as Russia braces for sub-$30 oil - Telegraph

Emergency Opec meeting aired as Russia braces for sub-$30 oil - Telegraph:

"Opec will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to seven-year lows of $35 a barrel, two of the oil cartel's member states have warned.
Emmanuel Kachikwu, Nigeria’s oil minister and Opec president until last week, said the group is still hoping that the market will recover by February as low prices squeeze out excess production from US shale, Russia and the North Sea, but nerves are beginning to fray.
“If it [the oil price] doesn’t [recover], then obviously we’re in for a very urgent meeting,” he said. Indonesia has issued similar warnings over recent days, suggesting that the Opec majority may try to force a meeting if Saudi Arabia’s strategy of flooding the market pushes everybody into deeper crisis."



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