With the global economy reeling from plunging oil prices occasioned by massive over production, Nigeria, a key member of the Organisation of Petroleum Exporting Countries (OPEC), which depends hugely on oil revenue for its foreign exchange, has requested an emergency meeting to discuss steps to possibly cut down oil production and prop up oil prices. But Nigeria’s call has been opposed by Iran, another prominent OPEC member, which claimed that the time is not yet right for such an intervention. Minister of state for petroleum resources, Dr Ibe Kachikwu, made the call for an OPEC emergency while speaking at a panel session at the ongoing World Economic Forum at Davos, Switzerland, adding Nigeria’s voice to those of OPEC members, such as Venezuela, that are requesting an emergency meeting of the oil-producing nations to address the current oil crisis. Speaking at the session, Kachikwu stated that with the oil industry […]