While we are still nursing the wounds from the crash of the naira and hoping for a rebound the price of oil has slipped further to about $30. Read the report below:



Akinpelu Dada & ‘Femi Asu
The suggestion on Tuesday by Nigeria’s Minister of State forPetroleum Resources, Dr. Ibe Kachikwu, for an emergency meeting of the Organisation of Petroleum Exporting Countries amid the sustained oil price slump met with opposition from another member of the cartel, the United Arab Emirates.The global benchmark Brent crude extended its decline on Tuesday, slipping towards $30 per barrel for the first time since April 2004, before rising slightly above $31 per barrel. But the pick-up was short-lived as Brent later fell below $31.Kachikwu, who briefly served as OPEC president last year before Nigeria’s tenure expired on December 31, was quoted as saying that OPEC would soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices was hurting producers, including the world’s biggest exporter, Saudi Arabia.The 13 members of the OPEC will work toward meeting in early March, Kachikwu said in an interview in Abu Dhabi on Tuesday.Bloombergquoted him to have said that members were already engaged in informal discussions with some non-OPEC producers, including Russia, to join any future production cut to shore up prices, he said.“We are definitely looking at a time frame in very early March. You will very necessarily have to have an OPEC meeting because the group first has to meet and decide on its position before having formal meetings with other producers to coordinate a cut,” he said.Brent crude closed at $43 per barrel on the day of the last OPEC meeting on December 4, and was trading at $30.54 per barrel at 6.10pm Nigerian time on Tuesday.OPEC, which supplies about 40 per cent of the world’s oil, decided not to cut production in December, potentially worsening a glut created after producers from the US to Russia and Saudi Arabia pumped more than demand warranted.I

Read full report below:

http://www.punchng.com/oil-slumps-to-30-opec-splits-over-meeting/

Very good... Am loving it