Yemisi Izuora
Nigeria’s petroleum minister and president of OPEC Diezani Alison-Madueke is in tight spot as to how to convince critical stakeholders to summon an emergency meeting of the organisation following descending oil prices.
The sliding oil price which recently showed signs of recuperation has worked up the OPEC president prompting her suggestion for stakeholders meeting to review the situation.
Alison-Madueke, as president of OPEC is responsible for liaising with member countries and the producer group’s secretary-general in the event of an emergency meeting.
But market analysts say it is highly unlikely that Saudi Arabia, OPEC’s de facto leader, will agree to such a meeting.
Brent crude has slipped back beneath $US60 a barrel – and West Texas Intermediate beneath $US50 a barrel prompting oil producers to consider holding an emergency meeting to stabilise prices.
Brent was trading just below $US59 a barrel early in the week trade while WTI was substantially cheaper at just above $US49.
While cheap, both benchmarks are still well above their January lows – $US49 for Brent, $US45 for WTI.
Members of the OPEC have discussed holding an emergency meeting if crude continues to slide.
“Almost all OPEC countries, except perhaps the Arab bloc, are very uncomfortable,” said Ms Alison-Madueke in an interview with Financial Times.
If the price “slips any further it is highly likely that I will have to call an extraordinary meeting of OPEC in the next six weeks or so”
“We’re already talking with member countries, she said”