(MENAFN- Qatar News Agency) Organization of the Petroleum Exporting Countries (OPEC) president Emmanuel Ibe Kachikwu said today that he expects an extraordinary meeting of the organization in "early March" to address sharp decline in crude prices. "We did say that if the price hits the USD 35 per barrel, we will begin to look at an extraordinary meeting," said Kachikwu, who is Nigerian minister for petroleum resources.
Kachikwu said that member states differ on the issue of intervention.
"One group feels there is a need to intervene. The other group feels even if we did, we are only 30 to 35 per cent of the producers really," as 65 per cent of supply comes from non-OPEC countries, he said.
Some of OPEC members state refused to cut production despite the significant decline in oil prices since mid-2014, for fear from losing of part of oil market share.
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