Oil Price Volatility Could Trigger OPEC Emergency Meeting

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Oil Price Volatility Could Trigger OPEC Emergency Meeting

OPEC President Diezani Alison-Madueke indicated Monday that if crude oil prices continue to slide, it is highly likely that an emergency meeting would be convened in the next six weeks.

The remarks from the oil minister of Nigeria are a sign of increasing panic among producers about the impact of lower oil prices on their economies.

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OPEC’s next scheduled meeting in June

The price of internationally traded Brent crude oil has dropped rapidly after hitting a high of $115 a barrel in June. Prices almost hit a near-six year low of $45 a barrel last month. Though the price has recovered to around $60,