• Crude price hits six-year low ahead
Plummeting crude oil prices, possible production cut and plans by Iran to oversupply the market would be major subjects of discussion as the Minister of State for Petroleum, Dr. Ibe Kachikwu, presides over the 168th (Ordinary) meeting of the Organisation of Petroleum Exporting Countries (OPEC) today in Vienna. Following his elevation as the Minister of State for Petroleum Resources, Kachikwu has replaced the immediate past Minister of Petroleum Resources, Diezani Alison-Madueke, as the conference president of OPEC.
But just as OPEC members were preparing for the meeting, prices of crude oil fell to a seven- year low yesterday, from $43.37 a barrel the previous day to $42.49 per barrel. Already, OPEC members have been arguing over who should cut oil production to bring an oversupplied market back into balance even as Iran yesterday, rejected Saudi Arabia’s call to join OPEC production cut.
SOURCE: The Guardian Pg. 5
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