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.
The price crash has crippled some economies that depend heavily on oil sales for income, such as Nigeria and Venezuela, and even Saudi Arabia is shoring up its resources to withstand the …
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