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Home The Daily MABUX Bunker Index MABUX bunker index – 3 April

MABUX bunker index – 3 April

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.

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