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Sylva OPEC

Just in: OPEC defies COVID-19, begins meeting to rescue oil prices in Vienna

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At a time several world public gatherings are beginning to take serious caution in either postponing or outright cancellation, the OPEC ministers few hours ago, defied the concern about Covid-19 and kicked off its make or mar crucial meetings in Vienna, Austria.

Already, Minister of State for Petroleum, Chief Timipre Sylva has joined his peers at the meeting where critical decisions bordering on oil cuts will be taken.

Experts say the meeting has become very important so as to work towards rescuing the plunging trend of oil prices.

It would be recalled that only last week, prices had come down to below $50pb but rebounded by up to 1% on Monday. It is expected that the meeting will have a positive impact on crude price and a morale booster for OPEC and OPEC+.

An exclusive detail sent to Business Hilights from Vienna, venue of the meeting by the SA Media to the Minister of State for Petroleum Resources, Mr Garba Deen Muhammad revealed that “Three meetings are expected to be held between 4-6 of March, 2020. The 18th JMMC takes place today; the 178th (Extra-ordinary) OPEC Conference will take place tomorrow, while the 8th OPEC-NON OPEC (OPEC+) takes place on Friday.”

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