An emergency meeting of OPEC
12/15/2015 10:47

An emergency meeting of OPEC

BAGHDAD / Obelisk: British newspaper The Guardian reported that the Organization of Petroleum Exporting Countries 'OPEC' will be forced to hold an emergency meeting within weeks to secure the stability of the market if oil prices failed to recover after falling to its lowest level in seven years ago to below $ 35 a barrel.

And Tqlt newspaper and Nigerian Oil Minister Emmanuel Katcheko who took over the presidency of the organization until last week, saying, 'The organization still hopes to recover the market by February', while contributing to low prices for the raw material in the inventory of shale oil pressure in the United States, Russia and the Sea North.

He explained that if prices do not recover, 'it is clear that we will hold a meeting very soon'.

The Indonesia has issued a similar warning in recent days, suggesting that the majority of OPEC countries are working to convene a meeting if Saudi Arabia was a strategy based on market liberalization pay the rest of the producers to further crisis.

This comes while the Russian Finance Minister Anton Siluanov said last Saturday that Moscow is preparing for the possibility of lower prices to $ 30 a barrel.

And it resulted in oversupply in the market to the drop in oil prices since the middle of last year by more than 60 percent to be traded in the month of December below $ 38 a barrel, and for the first time since December 2008.