Oil Collapse May Prompt OPEC Meeting
Is the cartel crumbling? OPEC is likely to call an emergency meeting if crude prices keep plummeting, according to Nigeria’s oil minister and president of the cartel. Diezani Alison-Madueke’s comments suggest that the gambit to ditch a decades-old strategy of keeping prices high in favor of gaining market share is more than most members can bear. “Almost all OPEC countries, except perhaps the Arab bloc, are very uncomfortable,” she said. But hard-hit economies like Nigeria and Venezuela must first get Saudi Arabia to feel their pain.