Nigeria’s request for an emergency meeting to discuss steps to possibly cut down oil production and prop up oil prices has been rejected by Iran, another prominent OPEC member, which claimed that the time is not yet right for such an intervention.
Nigeria’s Minister of state for Petroleum Resources, Dr Ibe Kachikwu, made the call for an OPEC emergency while speaking at a panel session at the ongoing World Economic Forum at Davos, Switzerland, adding Nigeria’s voice to those of OPEC members, such as Venezuela, that are requesting an emergency meeting of the oil-producing nations to address the current oil crisis.
By doing so he added Nigeria’s voice to those of OPEC members, such as Venezuela, who are requesting for an emergency meeting of the oil producing nations to address the current oil price crisis. While speaking at the session, Kachikwu stated that with the oil industry in its current state, the members of the OPEC, which produce about one-third of the world’s oil, needed to do something proactive soon.
However according to Reuters, Iran’s oil minister said on Friday that any emergency meeting of OPEC would hurt the crude oil market if it made no decision to shore up falling prices. “There should be an intention to make a firm decision in such a meeting; otherwise, the meeting will have negative impacts on world oil markets”. “The important thing is that there must be an intention for change, but we have not yet received such a signal,” the oil minister said.
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