President of the Organization of Petroleum Exporting Countries (OPEC) Conference, Ibe Kachikwu says he expects an extraordinary meeting of the oil cartel in early March to address the continuous drop in the price of crude oil.
Kachikwu who is Nigeria’s Minister of State for petroleum resources added that the prices of oil have hit levels that necessitate a meeting.
Crude oil price tumbled below $31 a barrel on Tuesday, extending a sell-off that has pushed it to more than 12 year lows amid a global supply glut, a strong dollar and low demand.
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