OPEC May Have Emergency Meeting on Oil Slide

Members of Opec have discussed holding an emergency meeting if crude continues to slide, according to Nigeria’s oil minister, in a sign of their growing alarm over the impact of a lower oil price on their economies.

The comments by Diezani Alison-Madueke come three months after the cartel’s decision to hold production at 30m barrels a day, even as the oil price has plunged since mid-June.

That move, driven by Saudi Arabia and its Gulf allies, marked a sharp deviation from Opec’s traditional strategy of adjusting production to keep prices high. The group’s main objective is now to defend market share, despite dramatically reduced revenues.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.