Opec members increasingly keen to end oil glut: Nigeria oil minister

Abuja

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, Nigeria's oil minister said.

Oil prices have slumped by more than 70 per cent to near US$30 a barrel over the past 18 months as Opec, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market by refusing to cut production despite a supply glut.