Sunday, 17 April 2016

OPEC members disagree on fixed oil prize

Nigeria’s oil challenges are not anywhere close to an end the end if reports from Doha, Qatar are anything to go by. 

According to reports from Reuters the talks among OPEC members states on fixing a cap that would increase the prices of crude ended in a stalemate as member countries could not reach a compromise. 

Mohammed bin Saleh al-Sada, the Qatari energy and industry minister informed on the evening of Sunday, April 17, that there was need for more time to make consultations before a new deal is arrived. 

Members of the Middle East-dominated OPEC, it was also gathered, plan to negotiate among themselves, before presenting a more united position to those outside the group.

Nigeria, Russia and Saudi Arabia are among the 18 member countries that participated in the meeting and according to a leaked draft of a final agreement, the consensus would be made to cap production at January 2016 levels. 

However, the talks met a brick wall when Saudi Arabia demanded that regional rival Iran also freeze its own output. 

On its part, Iran, which had planned to send a delegation to the meeting before pulling out at the last moment, noted that it does not intend to curtail production after suffering years of recently-lifted EU and US nuclear sanctions. 

Saleh al-Sada, who spoke with respect to this decision, said: “We respect Iran’s position, and will continue negotiations.

” Speaking also was Alexander Novak, Russia’s energy minister, “Some OPEC countries decided to change their terms at the last moment, trying to get concessions from countries that are not here. We were insisting on trying to concentrate on the countries which are.

“We were expecting more, and we were expecting a deal, rather than heated discussions. But we believe the door remains open.” 

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