OPEC Members Want to Shift Policy

In recent interview with Reuters, representatives from OPEC nations say that the majority of OPEC members want to end the oil glut. The Nigerian oil minister, Emmanuel Ibe Kachiwku, told Reuters that the mood inside OPEC is shifting to a growing consensus that a decision must be made to “end the global oil price rout.” The 70% drop in oil prices has crippled the economy of OPEC countries like Nigeria and Venezuela. Kachikwu plans to meet with representatives from Qatar and Saudi Arabia next week to discuss the situation. He notes, “As you get closer to the statutory [OPEC] meeting dates (June 2016) … you are going to see a lot more people get active in those conversations and try to find solutions.”