OPEC countries feeling very uncomfortable

OPEC countries feeling very uncomfortable. Brent crude has slipped back beneath $US60 a barrel - and West Texas Intermediate beneath $US50 a barrel - as oil producers consider holding an emergency meeting to stabilise prices... Members of the Organisation of Petroleum Exporting Countries have discussed holding an emergency meeting if crude continues to slide, according to Nigeria's oil minister Diezani Alison-Madueke. Almost all OPEC countries, except perhaps the Arab bloc, are very uncomfortable, said Ms Alison-Madueke, who 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. 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 in an interview with the Financial Times. We're already talking with member countries. But market analysts say it is highly unlikely that Saudi Arabia, OPEC's de facto leader, will agree to such a meeting.


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