Media: Some OPEC members request emergency meeting
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, several members of the Organization of Petrolem Exporting Countries (OPEC) have reportedly requested an emergency meeting in order to gauge the state of the oil market, where prices have recently hit their lowest levels in almost twelve years.
Emmanuel Ibe Kachikwu, Nigerian Minister of State for Petroleum Resources said that any meeting would be to review OPEC’s position to see if there was any need to change its strategy. He also added that the proposed meeting can be held in February or March.
In December, OPEC refrained from cutting its output target at the group’s meeting in Vienna. The cartel is currently producing around 31.5 million barrels per day (bpd) and has persistently remained above its most recent production target of 30 million bpd. No new production target or policy guidance emerged from the group’s latest meeting.
Emmanuel Ibe Kachikwu, Nigerian Minister of State for Petroleum Resources said that any meeting would be to review OPEC’s position to see if there was any need to change its strategy. He also added that the proposed meeting can be held in February or March.
In December, OPEC refrained from cutting its output target at the group’s meeting in Vienna. The cartel is currently producing around 31.5 million barrels per day (bpd) and has persistently remained above its most recent production target of 30 million bpd. No new production target or policy guidance emerged from the group’s latest meeting.
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