With the global economy reeling from plunging oil prices to massive overproduction, Nigeria, one of the key members of the Organization of Petroleum Exporting Countries (OPEC), has added its voice to the list of the organization's members that are requesting for an emergency meeting of the oil-producing nations to address the current oil crisis, according to The Wall Street Journal.
Emmanuel Ibe Kachikwu, Nigeria's oil minister, stated in a panel in Davos that with the oil industry in its current state, the members of the OPEC, which produce about one-third of the world's oil, must do something proactive soon.
"There is a lot of energy around trying to meet earlier. Obviously, some of that is a panic reaction. Do we just sit back and watch or do we put more efforts in talking to countries, like Russia, to try to get some consensus of what we need to be doing?" he said.
With the oil minister's statement, Nigeria has followed Venezuela, another OPEC nation, which has been calling for an emergency meeting to discuss steps to possibly prop up oil prices and lessen oil production, reported the NYSE Post.
However, other prominent OPEC members, such as Iran, disagree with the premise of an emergency meeting. Bijan Zanganeh, Iran's oil minister, stated that the organization currently has little intention of making a drastic change.
"There should be an intention to make a firm decision in such a meeting; otherwise, the meeting will have negative impacts on world oil markets. The important thing is that there must be an intention for change, but we have not yet received such a signal," the oil minister said, according to Reuters.
As the global economy heads for what is potentially a very volatile year, the OPEC, which requires a consensus from all its members before it initiates a change, must make a decision very soon.
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