OPEC, Non-members May Meet To Resolve Price War – Sylva

The Minister of State for Petroleum, Timipre Sylva has said that the Organisation of Petroleum Exporting Countries (OPEC), and the non-OPEC members would meet over the oil price war between Saudi and Russia.

Sylva disclosed on Tuesday that there could be adjustments to country’s operation following the war for market share between Saudi and Russia.To support the minister’s claim, Reuters said on Tuesday that Russia’s energy ministry, Alexander Novak called a meeting with oil companies in the country to discuss future cooperation with OPEC.

According to reports Novak had indicated that the dispute with OPEC could be resolved by May or June.

Reacting, Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, said “I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures.”