Amid oil slide, some OPEC members pine for production cuts
SAN FRANCISCO (MarketWatch)—Not all oil-rich countries are created equal. That is why the pain of plunging oil is hurting some oil-dependent economies harder than others. So, it isn’t a surprise that some members of the Organization of the Petroleum Exporting Countries are hoping for an emergency meeting.
The Financial Times on Monday reported that members of the Organization of the Petroleum Exporting Countries have discussed holding an emergency meeting, if crude-oil prices continue to slide.
On Tuesday, Bloomberg, citing an unidentified source, reported that there have been no concrete plans to hold an emergency meeting, but it is easy to see the desire for oil-soaked nations to begin pushing for cuts in OPE production.