Nigeria says it has requested for an OPEC emergency meeting

An emergency meeting by the Organization of the Petroleum Exporting Countries (OPEC) might take place in February or March according to Nigeria’s oil minister.

Emmanuel Kachikwu said that a number of members of the oil body have requested for the meeting to address the tumbling of crude prices.

“There is one group that feels the need to intervene and another that feels even if we did, we are only 30-35 per cent producers. The 65 per cent market is outside the hands of OPEC,” Kachikwu said at an energy conference in Abu Dhabi.

The benchmark Brent crude oil price has dropped below 31 dollars a barrel, this is more than 12-year lows amid a global supply glut.

Oil production and prices remain the cornerstone of Africa’s biggest economy.

However, according to two OPEC officials, there is no formal request for an emergency meeting.

Meanwhile, The United Arab Emirates has already moved to revoke the meeting saying that the strategy laid out by OPEC is working but will take time.

The 13 member body supplies about 40 per cent of the world’s oil.

OPEC had scheduled its next meeting in June.