Faced with falling oil prices, several OPEC member nations have been calling for a production cut. Chief among them, Venezuela and Iran. Other members such as Iraq and Nigeria are also feeling the strain of lower oil prices. Non-OPEC member state Russia is battling a combination of sanctions, capital flight, Ruble devaluation and – on top of that – diminishing revenues from oil exports owing to the lower price; it too is a firm advocate of OPEC action. But, what are OPEC’s options? The cartel is fiercely divided in the run-up to perhaps one of the most important summits in its existence. All eyes are on Saudi-Arabia, but it seems reluctant to take the lead.
Anadolu News Agency from Turkey interviewed Sijbren de Jong and several other experts on the possible outcomes of the OPEC meeting, the challenges faced by the participants, and the implications of OPEC inaction. The full interview can be read here.
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