Calls for an emergency meeting of OPEC countries as oil prices slip

[webfact]

Calls for an emergency meeting of OPEC countries as oil prices slip



PARIS: -- Volatile trading in oil has prompted calls for an emergency meeting of the Organisation of the Petroleum Exporting Countries.

Benchmark Brent crude slipped to 30 dollars a barrel to a near 12 year low before recovering to 31.26 per barrel – a 1 percent fall

US benchmark contract, West Texas Intermediate, was down 1.6 percent at 30.91 dollars per barrel. Oil prices have already fallen 20 percent since the start of the year.

Continuing oversupply, the strong dollar and weak global demand have played their part in dragging down the price.
Oil price crash – next levels to watch:

$30/bbl – Feb 2004
$25/bbl – May 2003
$20/bbl – Feb 2002

OPEC last met in December and speaking on the sidelines of a conference in Abu Dhabi UAE Energy Minister Suhail bin Mohammed al-Mazroui said the current strategy was working and time was needed to allow it to happen -perhaps one to one and half years.


-- (c) Copyright Euronews 2016-01-13

[Credo]

OPEC may have to start meeting in 3 star resorts in less expensive places. There banquets may be replaced with dining from the local buffet.

For some reason, I don't feel particularly sorry for them.

[elgordo38]

Its a standoff who will be the first to blink?

[EyesWideOpen]

This is such sad news......So I guess no more A380 planes being

used as private jets ??

[Gulfsailor]

This is such sad news......So I guess no more A380 planes being

used as private jets ??

Why not? The fuel is cheap now! ;-)

[farcanell]

Its a standoff who will be the first to blink?

I think the Saudis just blinked

[GOLDBUGGY]

This is such sad news......So I guess no more A380 planes being

used as private jets ??

Leaders of countries never suffer like normal people. Just look and Kim in North Korea where people are starving and he is still eating imported Caviar and Fine French Wine.