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Growing OPEC consensus to end price rout - Nigerian Oil Minister

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A Reuters interview with Nigerian Oil Minister Emmanuel Ibe Kachiwku reveals that there seems to be a growing OPEC consensus to end price rout.

    Kachiwku said, via Reuters: "The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout."

    Kachiwku says there's increased conversation going on, adding that back in December when they met, "(OPEC members) were hardly talking to one another and everyone was protecting their own positional logic, now I think you have cross-logic ... they are looking at what are the deficiencies, what is the optimum."

    Kachiwku continues: "We haven't been sure that if we held those (emergency) meetings that we could actually walk away with some consensus. A lot of barrels are tumbling out of the market from non-OPEC members, so the Saudi philosophy is obviously working. But it's not influencing the price higher, which means that whether we like it or not some barrels are coming in from ... members and non-members to cover whatever is dropping out."
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