Opec head calls members on price drop
Opec president Mohammed al-Hamli is holding “intensive” phone consultations with member states on further action by the exporting group to stem a sharp drop in oil prices, Opec sources said on Tuesday.
LONDON: Opec president Mohammed al-Hamli is holding “intensive” phone consultations with member states on further action by the exporting group to stem a sharp drop in oil prices, Opec sources said on Tuesday.
They said several Gulf ministers, Nigeria’s top oil official Edmund Daukoru and Venezuela’s oil minister hade taken part, but did not say if any course of action had been decided yet. “Today there are intensive and wide consultations among Opec ministers through the Opec secretariat about recent developments in the market,” one source said.
On Monday, Venezuelan oil minister Rafael Ramirez called for an emergency meeting of the cartel ahead of the group’s scheduled March 15 session to discuss prices, which have fallen more than 8% since the start of the year to below $56 a barrel.
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