Minister of Petroleum Resources, Diezani Alison-Madueke has said that Nigeria will lead other Organisation of Petroleum Exporting Countries (OPEC) members to push for the stabilisation of the international oil market at the forthcoming OPEC meeting in Vienna next month.
The Minister, who is considering stability in the current fluctuating global oil prices, also said the OPEC members would like to keep the market as stable as possible.The fluctuations which started early in the year saw Brent Crude peaked at $128.40 a barrel early March, and has since dropped to trade at $111.99. The basket of OPEC crudes, a weighted average price of the main grades produced by the group, dropped below $110 early this month for the first time since January. It had been above $110 for more than four months. These fluctuations experts said were not unconnected to the impending sanction on Iranian oil.
According to them, this is despite the higher output from OPEC and the rising crude stockpiles, the fear being that oil prices would probably continue to fluctuate and that the proposed sanction will continue to impact on the market which over the weekend also led to oil prices falling again below $96 from $112 per barrel. However, Alison-Madueke said ‘The oil price will remain as it is for the next few months’
LEADERSHIP gathered that next month’s meeting in Vienna will look at the impending sanction and its impact on the oil market in months to come.