REPORT: OPEC might have an emergency meeting over low oil prices

Nigeria's Petroleum Minister and OPEC's alternate president Diezani Alison-MaduekeREUTERS/Rick WilkingNigeria’s Petroleum Minister and OPEC’s alternate president Diezani Alison-Madueke adjusts her glasses at the annual IHS CERAWeek conference in Houston, Texas March 4, 2014.

The Nigerian oil minister told the FT Monday that the OPEC oil cartel is considering an emergency meeting to discuss persistently low oil prices.

Diezani Alison-Madueke is the current president of OPEC in addition to the Nigerian oil minister. She told the FT that 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.”

Currently the next scheduled OPEC meeting is in June.

The last time the cartel met, in November 2014, its decision to hold production at 30 million barrels a day set off a huge slide in the price of brent crude.

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