Minister Of Petroleum Expresses Frustration With Collapse Of Oil Prices

Minister of state for petroleum resources, Timipre Sylva, has said that the Organization of Petroleum Exporting Countries OPEC and non-OPEC states might need to meet again to reconsider production cuts.

Sylva who spoke on Monday, expressed frustration with the collapse in oil prices after Saudi Arabia and Russia embarked on a battle for market share.

He told reporters that the sharp drop in Brent crude, which fell as much as 30 per cent on Monday before rebounding, could force a change in tactics.

Saudi Arabia and Russia have pledged to ramp up production despite substantially weakened global demand, having failed to come to an agreement last week on supply cuts.

SOURCE: orientalewsng.com