OPEC Opens Crucial Meeting in Vienna


Emmanuel Addeh in Abuja

Despite apprehension over the spread of the raging Covid-19 virus, the Organisation of Petroleum Exporting Countries (OPEC) has opened its 178th Extraordinary Meeting in Vienna, Austria.

Nigeria’s Minister of State for Petroleum, Mr. Timipre Sylva joined other ministers yesterday in defying the concern about the virus in holding the crucial meetings which are expected to discuss major cuts in production following falling international oil prices.

Special Adviser to the minister on Media, Mr. Garba Mohammed, said in a statement that the mere confirmation that the meetings would go ahead had rescued the plunging international prices of the product.

The ongoing meeting fixed for March 5-6 will also attempt to resolve whether to extend oil output cuts beyond their March expiry date and whether to deepen the reduction of output, it was learnt.

The meeting is taking place amid the postponement or outright cancellation of a number of events including oil conferences due to the coronavirus outbreak with close to 100,000 persons already infected.