The members of OPEC failed to unanimously agree on an emergency low-level meeting to discuss oil market collapse. OPEC failure in setting the meeting indicates a widening rift in the organization.
Algeria is one of the group members supporting the Economic Commission Board (ECB) meeting this month. However, at least four members see no need for such a meeting. They are OPEC’s de facto leader Saudi Arabia, the UAE, Kuwait and Nigeria.
An official invitation had not been received by Kuwait to join the meeting. One OPEC source said Kuwait does not consider a meeting necessary.
By a simple majority of OPEC’s 13 members, the meeting could be agreed. However, the meeting had no power to act with the absence of Saudi Arabia. Saudi Arabia accounts for 33 percent of the group’s oil output.
The Economic Commission Board consists of OPEC officials, usually national representatives, functions as an advisory panel. Recommendations from the ECB can inform decisions made by ministers.
The growing frustration of some OPEC members highlighted by the lack of agreement on holding a low-level meeting. To halt the fall in oil prices, Saudi Arabia takes no action as it battles for market share with Russia.
