The members of Organization of the Petroleum Exporting Countries (OPEC) have not achieved to agree on an emergency low-level meeting to discuss a market collapse that has seen global oil prices hit 18-year lows, according to a Reuters’ report.
At least four members, including OPEC’s de facto leader Saudi Arabia, the United Arab Emirates, Kuwait and Nigeria, have clarified that they do not believe that such a meeting is necessary in this specific period.
The meeting could be agreed by a simple majority of OPEC’s 13 members, but the absence of major nations, notably Saudi Arabia, would significantly decrease the power of the meeting, added Reuters.
