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Opec members wary of further fall for oil

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Nigeria's oil minister, Diezani Alison-Madueke, has revealed that members of Opec have discussed holding an emergency meeting if crude continues to slide. Her comments come three months after the cartel's decision to hold production at 30m barrels a day as it seeks to regain market share amid competition from the US shale industry, even though it means greatly reduced revenues. After reaching $115 a barrel in June, Brent has dropped rapidly, almost hitting a near-six-year low of $45 a barrel last month, and Ms Alison-Madueke is not convinced a floor has been reached.

 

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