OPEC to discuss emergency meeting as oil prices plummet

Members of the Organisation of the Petroleum Exporting Countries (OPEC) have discussed holding an emergency meeting.

According to Diezani Alison-Madueke, Nigeria’s oil minister, OPEC countries are growing increasingly worried by the impact low crude prices could have on their economies and are looking to adopt contingency plans.

"Almost all Opec countries, except perhaps the Arab bloc, are very uncomfortable," said OPEC president Diezani Alison-Madueke.

If the price "slips any further it is highly likely that I will have to call an extraordinary meeting of Opec in the next six weeks or so", she told the Financial Times.

"We're already talking with member countries."

After hitting a high of $115 a barrel in June, the price of Brent crude fell to just above $45 a barrel in January, nearing what would have been a six-year low.

"It is hoped that [the price] will stabilise at no less than $60, but we cannot be sure," the OPEC president said.

"It cannot only be Opec that is responsible for stability in the market.

"The world has moved on from the days that Opec was the be all and end all."

As of 19:40 GMT on Monday, Brent crude was trading at $58.91 a barrel, having lost 2.2% on the day, while West Texas Intermediate crude was down 2.7% to $49.45 a barrel.