Crude Oil:Emergency Opec meeting aired as Russia braces for sub-$30 oil

Lower quality oil is already selling below $30 on global markets
Oil markets are becoming dangerous with no grown-up in charge. Spare capacity is wafer-thin, despite the glut, and any upset could trigger an oil shock

Opec will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to eight-year lows of $35 a barrel, two of the oil cartel's member states have warned.
Emmanuel Kachikwu, Nigeria’s oil minister and Opec president until last week, said the group is still hoping that the market will recover by February as low prices squeeze out excess production from US shale, Russia and the North Sea, but nerves are beginning to fray.
“If it [the oil price] doesn’t [recover], then obviously we’re in for a very urgent meeting,” he said. Indonesia has issued similar warnings over recent days, suggesting that the Opec majority may try to force a meeting if Saudi Arabia’s strategy of flooding the market pushes everybody into deeper crisis.
The comments came as Brent crude plunged to $36.76 as the fall-out from Opec’s deeply-divided meeting earlier this month continued. Prices are now within a whisker of their Lehman-crisis lows in 2008. West Texas crude dropped to $34.54 before rebounding in late trading.


http://www.telegraph.co.uk/finance/economics/12050437/Emergency-Opec-meeting-aired-as-Russia-braces-for-sub-30-oil.html