Opec plans to fight drop in oil price

The president of the Organisation of the Petroleum Exporting Countries on Tuesday signalled the oil cartel would fight to keep oil prices from slipping much below today’s level, hinting it would be guided by a new price band between the high $50s and the low $60s range.

Edmund Daukoru, also Nigeria’s oil minister, said in Abuja: “Somewhere in the upper $50s or lower $60s (for benchmark US futures prices) looks about the level – if it’s bouncing back and forth between the upper 50s and lower 60s we jog along.” He added: “We agreed to confer if prices should misbehave in the sense of prices taking a big dip or approaching a super spike.”

Financial Times