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OPEC consulting on emergency meeting

OPEC members are consulting one another on whether to hold an emergency meeting to discuss a 15 percent price drop since the start of the year, Algerian Energy and Mines Minister Chakib Khelil said on Saturday. “There are consultations, but no consensus for the moment (on whether to hold one),” he said in brief remarks to reporters. Asked whether OPEC was planning to cut output again, he replied: “We have already decided to cut production by 500,000 barrels per day (bpd) from February. If there is another decision to cut output, I would completely support the consensus decision.” Full Story

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