ABU DHABI (Reuters) - Nigeria's oil minister said on Tuesday that a "couple" of members of the Organization of the Petroleum Exporting Countries (OPEC) had requested an emergency meeting, adding that current market conditions support the need to hold such a gathering.


Benchmark Brent crude oil futures were trading at less than $31 per barrel on Tuesday, their lowest level since April 2004, and have shed almost three-quarters of their value since mid-2014. [O/R]

Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu told reporters at an energy conference in Abu Dhabi that there was a lot of push from various blocs within ‎OPEC for the need of a meeting.

"A couple of countries, I don't want to mention names," he said when asked if any had requested holding an emergency meeting.

Any meeting that would take place would be to review OPEC's position to see if there was any need to change its strategy, Kachikwu said, adding that the meeting could take place in February or March.

Much will depend on the attitude of OPEC heavyweight Saudi Arabia, which has resisted calls for a cut in production to help boost prices.

"Saudi Arabia‎ has never held the position that it does not want to talk," Kachikwu said. "In fact, it was very supportive of a meeting before June, at the time when we held the December meeting, if (there was a) consensus call for it."




Source:https://www.yahoo.com/finance/news/nigeria-says-couple-opec-members-requested-emergency-meeting-072056447--finance.html

Nigeria can beg for the whole of Africa...It's such a shame that the biggest African country with the most educated, intelligent and hardworking people cannot see beyond its noses. What will it cause this disappointment of a nation to create wealth for its citizens over the years, which will in turn have a multiplier effect on the economy of the country. Why does this country have to be a laughingstock to the world?

I honestly didn't think I'll still be typing like this in 2016. This was not the dream of our 'heroes' when they fought for independence. Studied Oil and Gas engineering and our knowledge is that oil has done more harm than good to this country, but the reverse is the case everywhere else apart from Africa.

We all should try as much to be the change we want to see in this country for the sake of our children and not ourselves. Even when we are now fully aware how people in countries like Norway, Singapore, Malaysia are living, we still dey do like zombie wey Fela talk about? we still dey chant sai amaechi, sai fayose, sai wike, known thieves? why dont the bush meat catch the hunter today? why is there not a social media revolution? Buhari say change will come and its 8months, and no systematic change, still the same way of doing things? now tell me, how do you do things the same way over and over and expect a different result?

kai, I don frustrate write epistle..lol.