Slumping Oil Prices Spur Talks Of Emergency OPEC Meeting
While the world's oil supply has kept oil prices remarkably low, many thought OPEC was willing to wait things out and let the competition hurt.By Cliff Judy | February 23, 2015
For those confused by what OPEC was getting at the past several months, get ready for more confusion.
On Monday, Nigeria's oil minister and OPEC president Diezani Alison-Madueke told The Financial Times members of the oil conglomerate have discussed holding an emergency meeting to discuss oil output.
Madueke said, "Almost all Opec countries, except perhaps the Arab bloc, are very uncomfortable." She added if prices slip "any further it is highly likely that I will have to call an extraordinary meeting of Opec in the next six weeks or so."