Petroleum Africa
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Wednesday, February 25, 2015
The slip in oil prices is hurting just about everyone involved in the industry; oil service firms, E&P companies, and the producing countries around the globe who depend on crude revenue to keep their respective coffers full. One country who is seeing its budget take a huge hit is Nigeria and it finds the continuing back slide in prices alarming.
According to an interview in the Financial Times with the West African country’s oil minister Dienzani Alison-Madueke, Nigeria plans to call for an extraordinary meeting of OPEC, of which Alison-Madueke is the current president, if crude oil prices slip any further.
“We’re already talking with member countries,” said Alison-Madueke in the interview. 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,” she said.
The industry and Western governments have been urging OPEC to scale back on production since crude prices began to fall but the OPEC contingent out of the Middle East led by the cartel’s top producer, Saudi Arabia, have all said they will not hold back production to raise prices maintaining that the freefall in price will eventually even itself out. Other members of OPEC, those not in the Middle East, have been struggling greatly with the per barrel prices and have taken to lobbying with each other to encourage Saudi to agree to a production cut; however, the Middle East contingent has turned a deaf ear to the other members.
OPEC’s official meeting is scheduled for June.
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