JUST IN: OPEC, Non OPEC Hold Emergency Meeting Over Price Crash

Ministers  of OPEC and non- OPEC producing companies have held an informal teleconference in response to the fall in crude price below $0 dollar per barrel.

West Texas Intermediate price had crashed to-$47 a barrel on Tuesday after traders fled the May futures contract ahead of its expiration due to storage space.

Ministers of the OPEC member and non member countries on Tuesday met to brainstorm the current dramatic oil market situation, the body said.

The meeting called by Algeria’s Minister of Energy and President of the OPEC Conference, Mohamed Arkab, was basically aimed at finding solutions to the dramatic market situation despite the oil cut agreed about two weeks ago.

“The Ministers commended the decision taken during the 10th OPEC non-OPEC (Extraordinary) Ministerial video conference held on 12 April,” the statement reads in part.

They ministers reintegrated their commitment to fulfilling their oil cut obligation as agreed during the last virtual meeting.