Related: The ‘smart money’ is investing in oil now
Consider the source: It’s important to remember the emergency meeting talk didn’t come from Saudi Arabia — the real power behind OPEC — or even from influential allies like Kuwait and the United Arab Emirates.
They were made by Diezani Alison-Madueke, Nigeria’s oil minister. While she does serve as OPEC’s president and is responsible for coordinating emergency meetings, Alison-Madueke also represents one of the countries being hit hardest by the oil price drop.
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Morse, who recently said the “end of OPEC” might be closer to reality now, said oil is not going to bottom out until the spring. He believes crude could sink to $35 during the second quarter and not return to the $60 range until next year.
No wonder Nigeria wants an emergency meeting.
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