Crude prices rebound as OPEC meets

John Ofikhenua, Abuja

The prices of crude oil on Tuesday rebounded by 1 per cent as the Organization of Petroleum Exporting Countries (OPEC) began crucial meetings in Vienna, Austria.

Nigeria’s Minister of State for Petroleum, Timipre Sylva joined other OPEC Ministers in defying the concern about Covid-19 by holding meetings.

His Special Adviser on Media, Mr. Garba Deen Muhammad made this known in a statement Wednesday.

The statement reads in part: “The mere confirmation that the meetings would go ahead had rescued plunging of oil prices.

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“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+.

“Three meetings are expected to be held between 4th to 6th 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.”