OPEC is increasingly inclined to support price

OPEC is increasingly inclined to support the price of oil – Nigeria

ABUJA (Reuters) – The mood among the member countries of OPEC varies from mutual distrust toward understanding what is needed to make a decision on measures to stop the fall in world oil prices, said oil minister of Nigeria Emmanuel Ibe Kachikvu Reuters in an interview.

"Is more negotiations. It seems to me, when we met in December, they (OPEC members) barely spoke to each other. All defended their positions. Now, I think, opinions began to cross … They see what is missing, what the optimal solution"- Kachikvu said.

According to him, now is not the time for an extraordinary OPEC meeting at which insists Venezuela.

"We’re not sure if we will hold the (emergency) meeting, we will reach a consensus. Large amounts leaving the market at the expense of producers, not OPEC, so that philosophy Saudi Arabia clearly gives fruit. But it is not increasing prices, so we like it or not, any amounts received from the member countries and non-OPEC countries, instead of disappearing volumes".

Minister of words to change attitudes within OPEC caused a 10 percent increase in oil prices on Friday, but on Monday, the market returned to decrease.

According to the International Energy Agency, in the first half sentence of the oil market will exceed demand by 1.5 million barrels per day.

Kachikvu said that this week will discuss the situation with colleagues from Saudi Arabia and Qatar.

"Do we come to the stage where we can talk about a particular strategy? As for the reduction or freezing of production, it is not, I think, that did not come. But (this idea) vigorously debated"- the minister said.

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